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HMRC delays penalties for tax advisers
Plans to enforce penalties against tax advisers who submit misleading information about their clients have been put back by HM Revenue & Customs (HMRC), which may affect those involved in offshore tax planning.
A consultation on legislation to crack down on what the authority calls "deliberate wrongdoing" by tax advisers has been extended until April 28th, with the likely consequence that any new regulations will be delayed until after the general election.
People involved in tax planning have protested that the proposed legislation in its current form could lead to prosecutions for recommending legitimate actions, such as opening an ISA.
Andrew Hubbard, president of the Chartered Institute of Taxation (CIOT), said: "In our opinion, it would have been unworkable and would have created a very damaging rift between HMRC and tax advisers."
The CIOT and representatives from the Institute of Chartered Accountants in England and Wales recently held an emergency meeting with HMRC over the issue.
Posted by Fiona Beck.
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