CIOT president calls for bolstering of tax scheme mis-selling rules

The president of the Chartered Institute of Taxation (CIOT) has called on the government to bolster the mis-selling rules associated with "dodgy" tax schemes.

Speaking at the organisation's annual parliamentary reception, Patrick Stevens suggested the nature of such products should be considered and called for more laws in this area.

He went on to advocate targeting those trying to sell such schemes, citing similar US rules as a precedent.

"Of course you will need plenty of safeguards to ensure that normal efficient ordering of your affairs is not inhibited. But it may lead to our tax system ... being treated with more respect," Mr Stevens added.

Earlier in the week, CIOT's chairman of the capital gains tax and investment income technical sub-committee John Barnett noted that it is highly time consuming for HM Revenue and Customs to take such schemes to the tribunal stage.

Exchequer secretary David Gauke added that the government appreciated the advice provided by tax bodies like CIOT offered during the process of drafting levy laws.