IFAs could face substantial tax penalties if they offer inheritance tax advice, according to the Tax Advice Network.
The group of independent tax advisers says IFAs could fall within the scope of proposed tax rules and have just two weeks to respond to draft legislation. HMRC plans to widen its definition of ‘tax agents' to involve anyone giving tax advice, and they could face penalties of up to 100% of the tax saved by their clients. The Working with tax agents project had previously focused on accountants and specialist tax advisers, but will now affect anyone talking to clients about reducing their tax liabilities. HMRC says tax agents will face personal penalties for ‘deliberate wrongdoings',...
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