The CIOT response to HMRC’s consultation on raising standards in the tax advice market examines the three options for regulation rather than looking at the merits of regulation versus alternative approaches. Key points include:
The CIOT has also provided further detailed comments and recommendations on various aspects of the proposed regulatory framework.
ICAEW has also commented that any change to the regulation of the provision of tax advice must be made in the public interest, saying that the chosen approach must raise technical and ethical standards among tax practitioners and protect consumers from incompetent or unscrupulous practitioners, without increasing costs to the extent that taxpayers cannot afford professional advice.
Alan Vallance, ICAEW Chief Executive, said: ‘While we think there are issues with all of the proposed options, if HMRC does decide to introduce tax regulation, our preference is for mandatory membership of a professional body but only if the model is appropriately designed and scoped. If not, there is a risk that costs could be pushed down to consumers, making tax advice and services unaffordable and therefore undermining the objective of regulation.’
The CIOT response to HMRC’s consultation on raising standards in the tax advice market examines the three options for regulation rather than looking at the merits of regulation versus alternative approaches. Key points include:
The CIOT has also provided further detailed comments and recommendations on various aspects of the proposed regulatory framework.
ICAEW has also commented that any change to the regulation of the provision of tax advice must be made in the public interest, saying that the chosen approach must raise technical and ethical standards among tax practitioners and protect consumers from incompetent or unscrupulous practitioners, without increasing costs to the extent that taxpayers cannot afford professional advice.
Alan Vallance, ICAEW Chief Executive, said: ‘While we think there are issues with all of the proposed options, if HMRC does decide to introduce tax regulation, our preference is for mandatory membership of a professional body but only if the model is appropriately designed and scoped. If not, there is a risk that costs could be pushed down to consumers, making tax advice and services unaffordable and therefore undermining the objective of regulation.’