So here are what I call the Five Facts you need to know about tax avoidance schemes:
- Accountants should only promote such schemes if they are confident that they understand ALL of the risks and consequences for their clients;
- Accountants do NOT have to advocate structured tax avoidance schemes;
- Accountants who promote such schemes honestly will find that typically only around one in ten clients will proceed once they understand all of the risks;
- Accountants do NOT have to notify all clients that such schemes exist;
- Accountants are NOT at risk of successful negligence claims if they fail to alert clients to such schemes.