ICAEW Lost Tax Affair Court Case
The Institute of Chartered Accountants in England and Wales (ICAEW) recently lost a tax affair court case. They wanted to extend official right to tax accountants dealings with their clients, but their challenge remained unsuccessful after five of seven Supreme Court judges ruled against it.
The judges ruled that it was up to Parliament to decide whether to extend laws in this area. They also made it clear that in doing so, it would create uncertainty as to whether accountants should be treated in the same way as lawyers and covered by the legal advice privilege (LAP).
ICAEW argued that there is a mutually beneficially relationship between lawyers and the legal system, which is why LAP must be retained only for individuals who consult with lawyers. Other argued that in the wake of the recent tax avoidance scandals, accountants trust is in question as they have been involved in the designing and promoting of these tax avoidance schemes.
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