UK government outlines new strategies to combat tax evasion facilitators
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In a significant move aimed at combating tax avoidance, the UK government has published new draft legislation related to Promoter Action Notices (PANs) and Promoter Financial Institution Notices (PFINs). This article, first published on the UK Finance website, shares insights from Jack Prytherch, a Partner at our firm, on the latest developments surrounding these notices.
The new draft legislation, published on 18th August 2025, follows an initial consultation and is part of the measures proposed in the Spring Statement 2025. Financial institutions and other third parties are now subject to new powers that require them to disclose information about suspected tax avoidance promoters and cease providing goods or services to them.
While the initial proposals have been scaled back in the new draft legislation, key questions remain about the new powers despite the changes. Jack Prytherch provides analysis and interpretation of the proposals for PANs and PFINs, discussing how they will function and the potential risks to financial institutions.
The new draft legislation is a significant additional compliance burden on financial institutions. It is intended to prevent tax avoidance, and the article provides details on the potential risks and benefits for financial institutions and other third parties.
The new proposals affect financial institutions and other third parties required to disclose information about and cease services to suspected promoters of tax avoidance. These proposals were introduced in the UK Spring Statement 2025 and are subject to draft legislation as of August 2025, with the official effective date pending but expected after consultation and legislative process within 2025–2026.
For further details on this subject matter, you can visit the UK Finance website. The article is available for sharing via LinkedIn, Facebook, or email, according to the provided share options. Stay informed about the latest developments in finance and tax regulations by following our updates.
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