Tax experts welcome decision not to proceed with tax adviser regulation
The Government’s decision not to regulate tax advisers and instead work in partnership with the sector to raise standards in the tax advice market has been backed by the Association of Taxation Technicians (ATT).
The Government announced at yesterday’s Budget1 that, following consultation, it would not regulate tax advisers and will instead work in partnership with the sector to raise standards in the tax advice market.
The ATT said while it supports the decision not to move ahead with the proposed regulation, work must be done to raise standards in the market to ensure taxpayers are not given poor advice.
Emma Rawson, ATT Director of Public Policy, said:
“We welcome the clarity provided by today’s announcement. With the forthcoming mandatory registration of tax agents, and the transition of Anti-Money Laundering (AML) supervision from professional bodies to the Financial Conduct Authority (FCA), tax advisers already face significant changes over the next few years.
“However, there must be a focus on raising standards and introducing safeguards in order to significantly reduce the risk of poor-quality or misleading guidance being given to taxpayers.
“We therefore look forward to HMRC building on the introduction of the agent register and future discussions about a clearer, more coherent approach to raising standards.”
Notes for editors: