Tax planning standards

Question 1

What tax planning arrangements must members not create?

Answer 1

Arrangements that set out to achieve results that are contrary to Parliaments intentions, and/or;
Arrangements that seek to exploit shortcomings in legislation.

Question 2

What are the three standards for Tax Planning

Answer 2

• Must be client specific
• Must be lawful
• Can’t be highly contrived.

Question 3

Client specific

Answer 3

Must be specific to the clients circumstances, and they must be alerted to the implications of any tax planning

Question 4

Lawful

Answer 4

Must be based upon a realistic assessment of the facts and the law.

Question 5

What is a defence to not reporting suspected Money laundering?

Answer 5

• Outside UK & not unlawful there
• Didn’t suspect and not provided training
• Reasonable excuse.