Updated Professional Conduct in Relation to Taxation released
ICAS and other professional bodies have released an updated version of the Professional Conduct in Relation to Taxation (PCRT) today (1 May 2015).
Professional Conduct in Relation to Taxation (PCRT)
This replaces the version issued in February 2014. It has new material on electronic filing, decisions of Courts and Tribunals, DOTAS, POTAS, Accelerated Payments and Follower Notices as well as an expanded chapter on tax planning.
The document has been issued in conjunction with AAT, ACCA, ATT, CIOT, ICAEW and STEP.
The guidance includes further commentary to reflect the ongoing developments and the public concern about aggressive tax avoidance and evasion. This update does not include any specific changes following the paper published by HM Treasury and HMRC on 19 March 2015 Tackling tax evasion and avoidance. This paper asks "the regulatory bodies who police professional standards to take on a greater lead and responsibility in setting and enforcing clear professional standards around the facilitation and promotion of avoidance".
Once a new government is in place the professional bodies will hold further discussions with HM Treasury and HMRC about how this challenge should be progressed. This guidance is being issued in the meantime as it contains extensive new material of practical benefit to members.
Elspeth Orcharton, ICAS Director of Taxation said: "Ethical standards in relation to taxation have never been more in the news and the tax system and taxpayers are increasingly reliant on tax advisers giving good advice. This update continues the pattern of giving clear and practical guidance on a range of complex technical legal and ethical issues in relation to tax and is essential reading for ICAS members.
"ICAS is looking forward to working with government on this issue and will resume our regular meetings with HMRC to discuss the next update of PCRT following the election."
This statement is being issued by all of the above named professional bodies.