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Govt naming and shaming of tax evaders open to abuse, says PKF

PKF Accountants & business advisers says the Government’s plans to publish names of serious tax defaulters could force legitimate taxpayers to accept HM Revenue and Custom’s arguments for fear of appearing on the list.

Under the new laws announced in the Budget report, HMRC will be able to publish the names of companies and individuals who have deliberately understated more than £25,000 of tax.

The details published will include the individuals and tax figures as well as the addresses and the business sector they are attached to.

PKF tax investigations partner John Cassidy is concerned that this could allow for an element of vigilantism and adversely affect business contacts leading to a fall in profits and tax.

He says: “I am concerned that it will be used by enquiring tax inspectors to encourage taxpayers to accept HMRC’s arguments under the fear of appearing on the list if they do not. If this is to be avoided, the bar will need to be set very high to ensure that only the most serious of tax offenders are included.”


Aifa and Ami lobby FSA for lower IFA fees

The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries have called for the FSA to apportion more of its budget to the banks and high-risk sectors.

Allianz chips away at equity income

Allianz Global Investors has brought out the RCM European equity income
fund, an Oeic investing in blue chip companies in continental Europe that
pay dividends.

Sesame set for network boost

Sesame says it expects to gain around 250 of the two Thinc networks’ 290 members after Bluefin Advisory Services announced it is closing both networks.

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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