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Law and Regulation of Tax Professionals

By: Julian Hickey, Adrian Shipwright
Media of Law and Regulation of Tax Professionals
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Published: 11-03-2021
Format: Paperback
Edition: 1st
Extent: 312
ISBN: 9781526506207
Imprint: Bloomsbury Professional
Dimensions: 234 x 156 mm
RRP : £150.00

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About Law and Regulation of Tax Professionals

Law and Regulation of Tax Professionals examines all aspects of the obligations and liabilities of tax advisers arising out of professional standards, contract, tort, tax legislation (including DOTAS, POTAS and DAC6) and criminal tax evasion sanctions against the backdrop of legislative and case law.

The purpose of this book is to provide a comprehensive overview of the law and associated matters concerning the regulation of tax professionals; and to seek to draw some practical lessons as to how the tax professional and the business they work in can organise themselves to comply with what is required by regulation, best practice and to eliminate so far as possible the consequences of mistakes and unforeseen occurrences.

Illustrated throughout with examples and reference to relevant case law, as well as checklists to help the reader put measures in place to protect themselves against the risk of becoming involved in breach of regulatory standards, this title is essential for tax professionals (including ICAEWs, CTAs, TEPs), tax agents, in house tax advisers, and lawyers advising on tax matters.

Table Of Contents

- Overview
- Tax Planning v. Avoidance v. the GAAR: the current climate
- Professional Standards and facilitation and promotion of tax avoidance
- Tax evasion
- Summary of recent developments

2. Regulatory Framework: an outline
- Contract
- Law of Negligence
- Anti-money laundering
- Criminal Finances Act 2017

3. Professional Conduct in Relation to Taxation (PCRT)
- Professional Bodies and applicable Standards: ACCA, AAT, ATT, CIOT, STEP
- integrity, objectivity, professional competence and due care, confidentiality and professional behaviour
- Tax planning: the client specific standard
- Tax planning: the lawful standard
- Tax planning: the disclosure and transparency standard
- Tax planning: (i) contrary to the clear intention of Parliament in enacting relevant legislation; and/or (ii) highly artificial or highly contrived arrangements
- Solicitors Regulatory Authority
- Bar Standards Board

4. Regulatory obligations
- Disclosure of Tax Avoidance Schemes (DOTAS) / overview / hallmarks / who is a promoter? / who is an introducer? / Finance Act 2004
- Disclosure of VAT Avoidance Schemes: Schedule 11A to the VAT Act 1994 and Schedule 2 to the Finance Act 2004
- Promoters of Tax Avoidance Schemes (POTAS)
- Monitoring notices

5. Liability under Contract
- Engagement letter: scope and interpretation
- Express and other implied terms (The Supply of Goods and Services Act 1982, s.13)
- Breach of terms
- Causation
- Loss
- Limitation

6. Liability for negligence
- Duty of care
- Concurrent duty of care in tort
- Standard of care
- Breach of duty
- Failure to warn of specific risks
- Causation: did the breach cause the loss? Did the claimants rely on the advice which was given?
- Loss
- Limitation

7. Defences
- Contributory negligence
- Are the claims statute barred? section 2 and section 14A of the Limitation Act
- Is any breach excluded by terms of business? Unfair Contract Terms Act

8. Privilege: tax advice and disclosure
- Scope: Three Rivers District Council v Governor of the Bank of England (No 6) [2004] 3 WLR 1274
- Lawyers
- Accountants: R (on the application of Prudential plc and another) v Special Commissioner of Income Tax

9. Criminal Investigations
- Criminal investigation and prosecution
- Search warrants and productions orders: Police and Criminal Evidence Act 1984
- Role of the adviser
- Dealing with a dawn raid and interviews

10. Tax Evasion Facilitation Offences and Anti-Money Laundering
- failure to prevent the facilitation of evasion: Criminal Finances Act 2017
- scope of offence: facilitation of UK tax evasion
- scope of offence: facilitation of evasion of non-UK taxes
- meaning of 'associated person'
- Defence – reasonable prevention procedures: what are they?
- HMRC guidance
- Anti-Money Laundering

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