The Professional Conduct in Relation to Taxation (PCRT) has been updated to reflect changes to ethical standards, focusing on tax adviser relationships with third parties and dealing with client disagreements over questionable tax planning
The seven professional bodies that jointly prepare the Professional Conduct in Relation to Taxation (PCRT) said the update reflected wording changes in international codes on ethical standards made by the International Ethics Standards Board for Accountants (IESBA), which sets ethical standards for tax planning.
PCRT sets out the principles and standards of behaviour that all members and students involved in tax work in the UK must adhere to and ‘demonstrates a commitment to high ethical standards in the tax profession’.
This update includes several changes to wording, particularly on the standards for tax planning, to ensure alignment with the IESBA standard. Other key changes to the PCRT include additions to reflect relationships with and advising on the work of third parties; as well as how to deal with disagreements.
