Thoughts from CIOT on raising standards in the tax advice market

Key points

• Clearer articulation of what the proposed models for regulation seek to achieve is needed.
• The purpose of the consultation aims to bring all tax advisers up to a minimum standard and raise the overall standard of the market.
• How will regulation fit in with anti-money laundering supervision?
• CIOT prefers approach 1: mandatory membership of a professional regulatory body.
• Will regulation apply at firm level or to each individual?

Many tax professionals will be aware that HMRC published a consultation exploring options for raising standards in the tax services market in March (tinyurl.com/hmrcraisingstandards). This is a significant step forward in the long-running debate of whether the industry should be regulated and if so by whom.

The consultation highlights the fact that many members of the public are surprised to find out that the industry isn’t already regulated and that anyone regardless of any qualifications...