Jonathan Riley, Head of Tax, Grant Thornton UK LLP said:
“The consultation document is not all new and builds on existing codes that apply to schemes and existing deterrents to structures that lack economic or commercial justification. Defeating outright artificiality has to be good for trust and it’s great that the government are consulting on how to do this, however Government itself has a role in providing clear, unambiguous tax law, which all stakeholders want and will help contribute to a more vibrant economy.
“The regulation of tax professionals, by endorsing the Professional Conduct in Relation to Tax code (referred to in the condoc) and to which HMRC contributed, would be a good step towards partnering with the tax profession, as the vast majority of advisors spend their time helping clients to navigate a very complex regime.”
