HMRC "rethinking" draft legislation for tackling tax agents
Great news folks!
HMRC has listened to the barrage of criticsm which as been flung at it over the past few days. It is going to have another think about the draft Tax Agents legislation and as a result, consultation is going to be extended for the legislation until 28 April. This means that new legislation will NOT be included in the 2010 Finance Bill.
The main problem was that under its proposals anyone giving any advice that led to any tax saving would be deemed to be a tax agent.
A further problem is that it creates a new offence of "Deliberate wrongdoing" this is meant to be the civil version of fraud, except that it doesn't sound half as scary. John Whiting of the CIOT commented yesterday as to why HMRC does not just stick the schedule 24 FA 2007 terminology of "deliberate and concealed" behaviour. I think he has a good point.
You still have until 3 March to respond to the main consultation, so don't forget about that.
Virtual Tax services for accountants: www.rossmartin.co.uk