1: Ethics

Question 1

5 standards regarding tax planning

Answer 1

Client specific

Lawful

Disclosure and transparency

Tax planning arrangements

Professional judgment and appropriate documentation

Question 2

6 guiding principles that underpin tax evasion defense

Answer 2

Risk assessment for risks and gaps in the control environment

Robust procedures

Top-level commitment

Due diligence

Communicating offenses and training

Monitoring and reviweing

Question 3

2 types of safeguards for fundamental threats

Answer 3

Created by profession or regulation: education, CPD requirements, professional standards etc

In work environment: effective complaints system, duty to report

Question 4

4 safeguards for conflicts of interest where significant

Answer 4

Notify relevant parties

Obtain consent to act

Consider separate teams, procedures like information barrier, guidelines, NDA, review

If threat cannot be limited, do not accept.

Question 5

Requirement for professional indemnity insurance

Answer 5

2.5 x gross fee income where firm <600k, £1.5m otherwise

Question 6

6 requirements of data protection

Answer 6

Accurate and up to date
Processed lawfully, fairly and transparently

Kept in a form which permits identification no longer than necessary

Adequate, relevant and limited to what is necessary for purpose

Collected for specified purpose and no further

Processed in secure manner

Question 7

What must we do if we find a breach of GDPR

Answer 7

Report in 72 hours otherwise fines