In a speech at the Conservative Party conference on Wednesday, May said she would take action against financial advisers and accountants as part of the government’s clampdown on tax avoidance.
“If you’re a tax-dodger, we’re coming after you. If you’re an accountant, a financial adviser or a middleman who helps people to avoid what they owe to society, we’re coming after you too,” she said.
CISI defended the profession, explaining that members of its organisation are “committed to the highest standards of ethical behaviour and practice”.
“Our members are required to take an Integrity test as part of their membership. CISI believes that professionals within the securities and investment industry owe important duties to their clients, the market, the industry and society at large,” said the organisation.
Tax avoidance crackdown
May’s rhetoric on the industry comes just months after the HMRC published proposals to fine British tax advisers and accountants who help clients avoid paying tax.
Under the new rules, any financial adviser taking a fee to refer their clients to a tax avoidance scheme, could be fined for their part as an “enabler of tax avoidance”.
If found guilty, advisers could face fines of 100% of the tax avoided.
