I am fairly convinced you have consumed lots of pieces about Specialised Tax Barristers. They are decidedly popular with writers and readers alike.
If we really want proper tax legislation then we must give parliamentary committees tasked with scrutinizing that legislation their own budgets so they can purchase their own independent advice from those who they choose to offer comment upon the legislation they're being asked to consider. Only then might we get good tax decisions. Tax avoidance is hidden from view in a number of ways, but one of the most common remains the use of offshore structures including companies and trusts. Barristers are usually independent sole practitioners and are self-employed. They do not share profits, and are not in partnership with other barristers in chambers or with solicitors or other legal professionals. Tax policy has to change in response to changing circumstances. It is important that business has early warning of policy changes, except in cases where the tax base is at risk. Some tax barristers appear in cases in the Employment Appeal Tribunal, the Upper Tribunal, High Court and Court of Appeal, as well as being instructed in cases before the Court of Justice of the European Union in Luxembourg. The practice of some of the foremost tax barristers spans commercial litigation/arbitration, tax, property, insolvency and company work.
Most tax barristers will do work for HMRC as well as the taxpayer. Taxpayers should prepare their return each year's return as if they were expecting an audit. Adequate and contemporaneous business documentation is critical. Losing track of basis will eventually result in double taxation. A tax dispute expert can be engaged on professional negligence claims in respect of tax matters, and other claims or disputes which include elements of tax or tax consequence. Whatever the nature of the dispute, by becoming involved at an early stage and by providing bespoke advice, they are able to offer support and solutions to manage the outcome. Problem solving skills are of high importance to a tax barrister. Any Inheritance Tax Advice service will not reveal what he or she has been told to anyone else.
Digitalization, economic conditions and public policy are changing the shape of taxation worldwide. With scrutiny by tax authorities increasing, multinational entities need comprehensive understanding and fresh approaches to prevent and resolve tax disputes. Some tax barristers focus on corporate tax matters, including transactions, corporate reorganisations and debt restructures. In-house lawyers can instruct a barrister to undertake work on behalf of their company or organisation. Instructing the Bar direct can provide a cost-effective way of obtaining specialist advice and advocacy services. Examples of tax barristers' expertise in pension schemes includes mergers and wind-ups. Pensions specialists have experience of a wide range of private sector pension arrangements, including advising in relation to defined-benefit (final salary type) pension schemes on an ongoing basis, and also in relation to their closure and winding up. All professionals involved with Domicile Advice have a duty to be confidential.
Some tax barristers have particular knowledge of insolvency and income tax, but also act in SDLT cases and are increasingly called on to advise on tax avoidance schemes. A tax barrister offers bespoke, tailored Tax advice and representation in all levels of case and complexity (including GLOs) to solicitors, accountants, company directors and individuals. Many tax professionals have substantial experience of working in the international tax-planning arena and using well-established planning principles to help businesses manage down their effective tax rate. Tax barristers are usually happy to give a post-transaction opinion or advice, whether for additional comfort, or because HMRC has shown some interest in the transaction. In international jurisdictions, UK barristers can also work closely and in cooperation with local counsel to address specific issues. International lawyers and clients can instruct barristers directly. As you may be aware, the best Pensions Advice service can give advice in relation to their area of knowledge.
In-depth Analytical Expertise
SDLT on leases and lease extensions including sale and leaseback transactions is an area of expertise for a tax barrister. Tax barristers offer heavyweight advocacy experience alongside technical knowledge and expertise, advising and representing both business and personal clients on direct and indirect taxation. Many barristers provide legal services for clients facing tax investigations and penalties under the General Anti Abuse Rule (GAAR). This includes guidance and representation on penalties, ‘enabler’ penalties and other tax arrangements which might result in fines or litigation. Many tax barristers have years of experience working with clients in civil and criminal tax disputes with HMRC, challenges to tax avoidance schemes, action against advisers who mis-sold aggressive tax avoidance schemes, and in cases of financial crime. Some tax barristers are able to give advice at short notice and are used to dealing effectively and efficiently with last minute concerns. A Tax Barrister service will represent clients to determine the best fit for their needs.
Qualified solicitors can represent clients in court if they are granted ‘rights of audience’, which means that solicitors can nowadays do many of the tasks of a barrister up to a point, although barristers are able to work in a much higher level of court than solicitors. A barrister who is an expert on tax matters can provide negotiation of a VAT special method for a firm of stockbrokers. A pension barrister can provide advice on transferring a defined contribution scheme into a master trust via a bulk transfer to reduce pension scheme administration costs and improve scheme governance. You can find further particulars appertaining to Specialised Tax Barristers in this page.