News Summary: UK lawmakers slam accountants

News Summary: UK lawmakers slam accountants for using insider details to exploit tax loopholes

Associated Press

INSIDER INFO: Staff at some of the world's top accountancy firms are using insider knowledge gained while working for the British Treasury to help private clients avoid taxes, a committee of lawmakers said.

BACK AND FORTH: The Commons Public Accounts Committee said in a report that certain individuals advise government on tax laws, then "go back to their firms and advise their clients on how they can use those laws to reduce the amount of tax they pay."

OBJECTION: The Treasury strongly rejected the report, saying its findings bore "almost no resemblance to reality." And accountancy firms defended their staff, saying they operate under clear professional guidelines.

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