CIOT welcomes tax advisor legislation extension
News that HM Revenue and Customs (HMRC) is extending its consultation for legislation regarding deliberate wrongdoing by tax advisors has been welcomed by one industry body.
According to the Chartered Institute of Taxation (CIOT), implementing the suggested measures in their current state could have an adverse effect on those who advise people on how to invest their personal wealth.
The body - which was established in 1930 and concentrates on all aspects of taxation - had criticised the draft legislation because it would apply to those who give advice that results in a tax loss against the Treasury - such as taking out an Isa - as well as illegal actions.
’We are pleased to note that HMRC have moved quickly to respond to the concerns which we raised about the draft legislation,’ remarked president of the CIOT Andrew Hubbard.
He added that while the CIOT supports the HMRC’s attempts to clamp down on illegal activity in the tax advisory sector, the legislation that was drafted ’would have been unworkable’.
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Wednesday 30 September 09
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