In his inaugural speech, the new president of the CIOT, Peter Rayney, called for tax avoidance schemes to be ‘stamped out’ in the interests of revenue protection, consumer protection, and the reputation of the tax profession.
He also welcomed last week’s government proposal that all tax advisers should be required to have professional indemnity insurance, as professional body members already do, to provide basic protection for their clients. Also welcome were the proposals for tackling promoters.
However, ‘last week’s statement does not go as far as we would like,’ Rayney said. ‘In particular, the government have stopped short, for the time being at least, of our preferred approach of requiring all tax advisers to belong to a recognised professional body.
‘We are clear: this is an issue not just of revenue protection, but of consumer protection, and of the reputation of our profession. We look forward to continuing to work with HMRC, as well as with our friends and colleagues in the other professional bodies, to proactively pursue this agenda, as the public interest demands.’
In his inaugural speech, the new president of the CIOT, Peter Rayney, called for tax avoidance schemes to be ‘stamped out’ in the interests of revenue protection, consumer protection, and the reputation of the tax profession.
He also welcomed last week’s government proposal that all tax advisers should be required to have professional indemnity insurance, as professional body members already do, to provide basic protection for their clients. Also welcome were the proposals for tackling promoters.
However, ‘last week’s statement does not go as far as we would like,’ Rayney said. ‘In particular, the government have stopped short, for the time being at least, of our preferred approach of requiring all tax advisers to belong to a recognised professional body.
‘We are clear: this is an issue not just of revenue protection, but of consumer protection, and of the reputation of our profession. We look forward to continuing to work with HMRC, as well as with our friends and colleagues in the other professional bodies, to proactively pursue this agenda, as the public interest demands.’
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