5 facts on tax avoidance schemes

Posted on

Tax Advice Network - Blog.

Mark Lee sets out his opinion on tax avoidance:

[H]ere are what I call the Five Facts you need to know about tax avoidance schemes:

  1. Accountants should only promote such schemes if they are confident that they understand ALL of the risks and consequences for their clients;
  2. Accountants do NOT have to advocate structured tax avoidance schemes;
  3. Accountants who promote such schemes honestly will find that typically only around one in ten clients will proceed once they understand all of the risks;
  4. Accountants do NOT have to notify all clients that such schemes exist;
  5. Accountants are NOT at risk of successful negligence claims if they fail to alert clients to such schemes.

I completely agree with Mark.