Lessons from the Panama and Paradise Papers

KEY POINTS

• The new facilitator and enabler regimes create new exposure for those who provide services to UK taxpayers.
• The ‘leaktivist’ culture creates extra challenges for advisers who need to build or maintain client confidence.
• As the tax landscape evolves in response to public opinion so are the services clients want from practitioners.
• Advisers can use the new regimes as the impetus to future-proof their practice protect themselves and modernise their services.
• What is known about the firms at the source of the Panama and Paradise Papers controversies provides a useful case study in the important roles of compliance and culture in any organisation.

The UK’s tax system must be fit to raise revenue fit for the future and ‘robust against abuse so that it is fair...