HM Revenue & Customs (HMRC) is right to crack down on advisers it deems to have facilitated tax avoidance, as outlined by the government in a recent consultation, Hargreaves Lansdown has said.
Chartered financial planner Danny Cox said advisers had been getting away with putting their clients in tax avoidance schemes for hefty fees for too long and should face the consequences. He said: "It's about time that tax advisers became accountable for the validity of the schemes they push on their clients. Tax advisers have been able to profit from chunky fees without any of the risks and now that wrong is being righted." Under new rules laid out in a consultation released on 17 August HMRC said it would fine advisers - and other tax avoidance 'enablers' such as accountants - 100% ...
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