Tax Advice
Lawyers are protected by professional privilege from having to disclose advice that they may provide on clients' tax matters. In contrast, and unlike their American counterparts, British accountants do not enjoy such privilege, and are under general obligations to make disclosures to HM Revenue and Customs. The Chairman of HMRC warned lawyers in February 2010 to exercise discretion in how they exploit this difference in their marketing strategies.
In July 2010, the legal professional privilege was the subject of a Court of Appeal case, in which Prudential plc claimed that it should not have to disclose tax advice received from accountants PricewaterhouseCoopers. The ICAEW intervened in support of change, but the court's judgment in October rejected the extension of privilege to other professions.
Read more about this topic: Legal Professional Privilege In England And Wales
Famous quotes containing the words tax and/or advice:
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“Good advice is never as helpful as an interest-free loan.”
—Mason Cooley (b. 1927)