Accountants and lawyers 'must report' aggressive tax avoidance schemes

New European Union law will affect UK financial services, as EU adds more countries to its tax blacklist

Accountants, bankers and lawyers will face penalties if they fail to report aggressive tax avoidance schemes that help companies or individuals move money to offshore havens, under a new European Union law.

The new rules, agreed by EU finance ministers on Tuesday, will affect the UK financial services industry despite Brexit, because they enter into force six months before the end of a likely transition period, when the government must obey all EU law.

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