The lack of regulation of accountants and tax advisers leaves taxpayers at risk from rogue operators, but there are options to tighten up oversight, argues John Cullinane, director of public policy, Chartered Institute of Taxation
Over the last three years there has been a spate of HMRC calls for evidence and consultation documents on the challenge of raising standards in the tax services market. HMRC’s interest, as a tax collection body, has been driven by long standing concerns about tax avoidance.
The fourth standard for tax planning, which came into effect as part of Professional Conduct in Relation to Taxation (PCRT) in 2017 after a specific government challenge to the profession, says that advisers must not ‘create, encourage or promote’ what I will refer to here as ‘bad stuff’.
You can look up the exact and carefully crafted words revolving around the clear intention of parliament, highly artificial or highly contrived arrangements, and exploiting shortcomings within the relevant legislation here.
