Proposed legislation will force intermediaries to disclose cross-border financial schemes although Brexit may mean regulation is not adopted by the UK

Banks, accountants and law firms that facilitate offshore tax schemes face a Europe-wide crackdown, according to a leak of draft legislation.

Brussels will publish this Wednesday proposals to force financial intermediaries to automatically disclose any new cross-border tax schemes offered to clients. Those designing and promoting aggressive avoidance structures will have five working days to file details with their local tax authority, according to a leaked version of the proposals, drawn up by the European commission.

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