Feb 23, 2022
Just what is thrilling about Specialised Tax Barristers anymore?Tax is a ‘financial charge’ or deduction from something you get or own, or an additional cost added to something you buy. It is not a penalty or fine for doing something wrong. The de-risking of defined benefit (DB) pension funds is a global trend, where many DB plans have solvency deficiencies. Pensions barristers are at the forefront of this trend, developing strategies for addressing the legal issues that arise with the various de-risking options that are available to pension plan sponsors. Most junior tax barristers have no experience at all of tax law before they start their pupillage and have only done a law undergraduate degree or GDL. Some barristers that specialise in tax matters have extensive experience advising on tax issues relevant to real estate, setting up property funds, VAT planning and stamp duty land tax planning. Tax is fundamentally about the ideas that shape the sort of society we want to live in. I think tax should be a compulsory part of the school curriculum. Our collective ignorance about tax has to be banished, and along with it the negative attitude that prevails. Only education can do that, and it's fundamental if we're to have really informed decisions on tax.
Seasoned tax virtuosos can advise on appeals against notices to produce documents. Judicial reviews of HMRC decisions (or failure to reach a timeous decision) is a matter that a that tax barrister can accept instructions in. Skilled barristers are often asked to consider the tax consequences of existing and proposed arrangements involving trusts and companies within their practice. Expatriate Tax Advice for people moving to and from the UK is an area a tax compliance specialist can assist with. As you may be aware, the best Domicile Advice service can give advice in relation to their area of knowledge.
Experienced Tax AdvisorsExamples of tax barristers' expertise in pension schemes includes issues concerning the Pension Protection Fund and the Financial Assistance Scheme. If you have been a victim of a tax avoidance scheme, you may face a lengthy investigation and have to pay back-taxes with interest, penalties and face possible prosecution by HMRC. Each barrister practises alone as an individual. A barrister is not permitted to practise in partnership or as an employee, and is not permitted to practise as the employer of any legal practitioner in active practice. A handful of seasoned barristers are used to working as part of a team of cross-disciplinary and cross-jurisdictional professionals, ensuring that issues are dealt with consistently and comprehensively. Seasoned tax virtuosos are able to advise on giving frank honest advice on any tax situation that arises from HMRC. Professional help by any Inheritance Tax Advice service will provide value for money.
Pensions law experts advise UK employers, pension scheme trustees and corporate groups on the full range of pensions law and regulatory matters. Members of Chambers are often instructed as part of multi-disciplinary teams with accountants and tax advisers. Offshore funds and other cross-border investment funds is a subject that a United Kingdom tax barrister might specialise in. Finance and insolvency is a constantly evolving market. Tax barristers are well-known for their strategic thinking and commitment to understanding the changes and reacting to clients’ needs accordingly. Inheritance tax is a matter that a tax barrister can give opinions on. The opinion of a Tax Barrister service should be sort if clarification of the finer issues are required.
The Split Between Litigation And AdvisoryThere are no special qualifications needed to be a tax barrister. Like any other barrister, a tax practitioner has to be bright, hard-working, practical and able to absorb and analyse considerable volumes of information very quickly. There are new powers bestowed on HMRC to demand tax up front, before an appeal, in certain avoidance cases; and even – essentially – without an appeal in other avoidance cases. This has brought tax law and public law close together. Adept tax specialists are able to advise where the potential costs might very well outstrip the tax at stake. Tax barristers can be familiar with the usual international jurisdictions in which offshore trusts operate and can advise and assist offshore trustees to achieve tax efficient outcomes for settlors and beneficiaries. Barristers tend to be seen as litigators, but that can be a small part of their job. Advisory services such as Pensions Advice are a common sight today.
Tax disputes and investigations in relation to direct and indirect taxes and the tax aspects of pensions legislation can be advised on by a tax barrister. Tax barristers can advise clients on the implications of tax during transactions, especially when structuring financial and administrative frameworks in different markets. Customers can focus their finances on one specialist barrister with in-depth experience in tax and financial crime cases, including tax avoidance schemes, GAAR and enabler penalties, Civil and Criminal tax investigations, Stamp Duty Land Tax, Offshore disclosure and money laundering. Stumble upon extra insights on the topic of Specialised Tax Barristers at this entry.
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