Responding to HMRC’s consultation on raising standards in the tax advice market, the Law Society supports the principle of mandatory professional indemnity insurance (PII) for anyone who provides tax advice, so long as the new regime does not create additional burdens for regulated professionals who are already subject to minimum PII requirements.
The Society recommends that, further to the requirement for tax advisers to maintain PII at a level determined by HMRC, there should also be transparency rules, which would ensure that consumers have accurate and relevant information about a tax adviser when they are considering purchasing tax advice. This should help members of the public and small businesses make informed choices, improving competition in the tax advice market, says the Society.
This latest consultation follows HMRC’s previous call for evidence which ran across 2020, and in relation to which a summary of responses and proposed next steps were published on 12 November 2020.
Responding to HMRC’s consultation on raising standards in the tax advice market, the Law Society supports the principle of mandatory professional indemnity insurance (PII) for anyone who provides tax advice, so long as the new regime does not create additional burdens for regulated professionals who are already subject to minimum PII requirements.
The Society recommends that, further to the requirement for tax advisers to maintain PII at a level determined by HMRC, there should also be transparency rules, which would ensure that consumers have accurate and relevant information about a tax adviser when they are considering purchasing tax advice. This should help members of the public and small businesses make informed choices, improving competition in the tax advice market, says the Society.
This latest consultation follows HMRC’s previous call for evidence which ran across 2020, and in relation to which a summary of responses and proposed next steps were published on 12 November 2020.
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