A new and updated version of this professional guidance document in relation to tax advice was issued jointly by the major supervisory bodies.
The guidance has been prepared jointly by the:
• Association of Accounting Technicians
• Association of Chartered Certified Accountants
• Association of Taxation Technicians
• Chartered Institute of Taxation
• Institute of Chartered Accountants in England and Wales
• Institute of Chartered Accountants of Scotland
• Society of Trust and Estate Practitioners
(together the “PCRT Bodies”)
It would appear that this tome has been well received by HMRC and may well stall any further legislation on this topic.
Interestingly, the principles set out in this latest PCRT apply to all members who practice in tax, including:
- Employees attending to the tax affairs of their employer or of a client; and
- Those dealing with the tax affairs of themselves or others such as family, friends, charities etc., whether or not for payment; and
- Those working in HMRC or other public sector bodies or government departments.
By implication, all these “advisors” should read the PCRT…
The PCRT outlines certain Fundamental Principles and we have reproduced them below:
To be straightforward and honest in all professional and business relationships.
To not allow bias, conflict of interest or undue influence of others to override professional or business judgements.
Professional competence and due care
To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and professional standards.
To respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of the member or third parties.
To comply with relevant laws and regulations and avoid any action that discredits the profession
If you advise on tax matters you should read this updated guidance. A PDF copy can be downloaded here: