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Mr Colin Reid

The Disciplinary Tribunal, at its hearing on 11 March 2010, determined that Mr Colin Reid of London, a member of the Chartered Institute of Taxation, was in breach of Rules 2.2.1 (Integrity), 2.3.1 (Courtesy and Consideration) and 2.13A (Failure to cooperate with the Taxation Disciplinary Board), as set out in the Institute’s Professional Rules and Practice Guidelines (PRPG) 2006, as amended.

The Tribunal found that Mr Reid had acted dishonestly and without integrity in agreeing to act as the agent for two of his clients in the purchase of stock market shares and failing to do so. Furthermore he failed to return the money to his clients when requested to do so. The Tribunal also found that Mr Reid failed to respond to telephone calls and correspondence from the two complainants. He also ignored correspondence from the Taxation Disciplinary Board in relation to the complaints.

The Tribunal decided that the matters in question were so serious that the necessary and proportionate sanction for each charge was expulsion from the Institute. Mr Reid was fined a total of £23,000 in respect of the five charges and ordered to pay costs in the sum of £3,500.