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Be thankful for tax

Is he barking mad? Colin Lawson has an idea for how HMRC can get their taxpayers onside

19 March 2013

Do you like paying tax? Do you know anyone who does? Do you think you get value for money for the tax that you pay? Not surprisingly, I have never met anyone who answered ‘yes’ to any of these questions.

However, I believe the issue is not about the amount of tax we pay, it’s that we have no idea at all of the ‘value’ we receive in exchange.

With commissions for financial advice now outlawed, advisers have to charge their clients a direct fee in exchange for the service they provide. So, all of a sudden, clients are empowered to ask what ‘value’ they are receiving and any adviser who cannot demonstrate this will soon be out of business.

I look after high net worth clients. The fee is often 1 per cent of the assets we influence and is always well into five figures. We have a ‘promise’ that i...

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