Tax avoidance: Accountants face tougher penalties

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Source: bbc.co.uk, 17 August 2016

HMRC’s traditional focus has been to challenge those who don’t pay their tax, while advisers and promoters of the tax avoiding schemes get away with it.

However, soon there will be a penalty for the professionals involved of up to 100% of the amount avoided in their schemes.

Richard Murphy, a chartered accountant and academic at City University, told the BBC that “Every honest accountant will be jumping for joy this morning that those who have been selling these schemes will be put out of practice.” He also said that the tax system loses around £10bn per year as a result of tax avoidance, well above the £3bn a year the Treasury says is lost.

BBC source article here

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