ARTICLE · 09 NOVEMBER 2016

Weekly Tax Update - 7 November 2016

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Seven professional bodies with an interest in tax have published updated Professional Conduct in Relation to Taxation, the guidance on the standards expected of tax advisers, to take effect from 1 March 2017.

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Smith & Williamson

1. GENERAL

1.1 Professional bodies update guidance on tax planning – wef 1 March 2017

Seven professional bodies with an interest in tax have published updated Professional Conduct in Relation to Taxation, the guidance on the standards expected of tax advisers, to take effect from 1 March 2017. The sections covering standards around tax planning, particularly in relation to the facilitation and promotion of tax avoidance have been expanded, following a Government challenge set in March 2015.

In a joint press release, the professional bodies state that they have strengthened the five fundamental principles of their existing guidance, namely: integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Five new 'Standards for Tax Planning' have been added that their members must observe.

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