Proposed legislation which could pull financial advisers under HMRC's ‘tax agent' banner will only affect those "doing something illegal" and not intermediaries "giving honest advice", HMRC says.
The Tax Advice Network yesterday warned of the possible threat new tax laws posed to IFAs. It said HMRC plans to widen its definition of 'tax agents' to involve anyone giving tax advice, adding they faced penalties of up to 100% of the tax saved by their clients if HMRC identified any "wrongdoing". But HMRC, which today extended the deadline for responses to the proposals to 28 April, says the rules are not intended to affect legitimate tax planning. "This legislation only tackles people who are doing something illegal," a spokesperson says. "It will not touch anyone giving out hon...
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