If it looks like a duck, swims like a duck and quacks like a duck then surely it is regulation of tax advisers despite claims from government and HMRC it is not. Ellen Milner, director of public policy at the Chartered Institute of Taxation (CIOT) is not convinced
The 2025 Budget led a number of us to question whether the government both explicitly ruled out regulation in relation to the behaviour of tax advisers and arguably introduced it on the same day.
I will explore this question in this article, looking at what recent changes mean for the regulatory landscape and whether the government’s statement on regulation of the tax services market feels at odds with the reality.
Is the tax services market currently regulated?
Even prior to last November’s Budget, it was reasonable to conclude that despite there being no formal regulator of the tax profession, tax advisers were subject to quasi-regulation due to the following (which all still remain).
Firstly, all tax advisers must register with, and meet the requirements of, an anti-money laundering (AML) supervisor. Currently, supervision is by professional bodies – overseen by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) – with unaffiliated tax advisers subject to supervision by HMRC.
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