Free advice could cost £5,000 in fines - papers

Laura Miller
clock

Anybody who advises a friend to take out an ISA or gives them a similar tax-saving tip risks a £5,000 fine, experts warned yesterday.

They attacked proposed powers for HM Revenue and Customs contained in the Tax Agents: Deliberate Wrongdoing draft Bill, which is trying to crack down on any 'tax agent' whose advice leads to a 'loss of tax' for HMRC, the Daily Mail reports. The HMRC definition of a 'tax agent' includes anybody who gives tax advice 'free of charge' and 'otherwise than in the course of business', not just tax professionals. It will make it an offence to hold any conversation - even in private, with friends - if it offers clues on how to pay less tax, which could include a person who mentions to a friend...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

OBR chair says leak could have come from 'external person'

OBR chair says leak could have come from 'external person'

OBR faces scrutiny after key document shared before Budget

Jen Frost
clock 27 November 2025 • 2 min read
Budget 25: Early OBR reports downgrades UK growth outlook as fiscal headroom doubles

Budget 25: Early OBR reports downgrades UK growth outlook as fiscal headroom doubles

OBR report released in 'unprecedented leak'

Patrick Brusnahan
clock 26 November 2025 • 1 min read
Budget 25: Council tax surcharge for £2m properties revealed

Budget 25: Council tax surcharge for £2m properties revealed

High Value Council Tax Surcharge in place from April 2028

Jen Frost
clock 26 November 2025 • 2 min read