Chapter 20

Question 1

Name the standards for tax planning

Answer 1

• Client specific
• Lawful
• Disclosure and transparency
• Advising on tax planning arrangements
• Professional judgement and appropriate docuumentation

Question 2

Do the 5 standards replace the 5 fundamental principles?

Answer 2

No

Question 3

Describe the “client specific” standard for tax planning

Answer 3

Tax planning must be specific to the particular client’s facts and circumstances

Question 4

Describe the ‘lawful’ standard for tax planning

Answer 4

Members must act lawfully and with integrity and expect the same from their clients

Question 5

Describe the ‘disclosure and transparency’ standard for tax planning

Answer 5

Advice must not rely for its effectiveness on HMRC having less than the relevant facts

Question 6

Describe the ‘ advising on tax planning arrangements’ standard for tax planning

Answer 6

Members must not create, encourage or promote tax planning arrangements or structures that are illegal

Question 7

Describe the ‘professional judgement and appropriate documentation’ standard for tax planning

Answer 7

Applying requirements to particular client advisory situations requires members to exercise professional judgement on a number of matters