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Accountants face big fines
17 August 2016
Accountants and tax planners who provide advice on how to avoid tax will face tough new penalties under new proposals being consulted on by the government.
Under plans set out in an HMRC consultation document enablers of tax avoidance could be liable to pay a fine of up to 100% of the tax the scheme’s user underpaid.
While tax avoiders face significant costs when HMRC defeats them in court, those who advised or facilitated the avoidance to date bear little risk.
The Financial Secretary to the Treasury, Jane Ellison, said: “People who peddle tax avoidance schemes deny the country of vital tax revenue and this government is determined to make sure they pay. The vast majority of their schemes don’t work and can land their users in court facing large tax bills and other costs.”
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