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Written question asked by Lord Mendelsohn (Labour) on Tuesday, 27 April 2021, in the House of Lords. It was due for an answer on Wednesday, 12 May 2021. It was answered by Lord Agnew of Oulton (Conservative) on Thursday, 29 April 2021 on behalf of the Treasury.

Accountancy and Taxation: Professional Organisations

Question

To ask Her Majesty's Government what assessment they have made of the recommendation made by the Association of Accounting Technicians in its response, published on 6 August 2020, to the HM Revenue and Customs call for evidence on raising standards in the tax advice market, that anyone offering paid-for tax and accountancy services should be required by law to be a member of a relevant professional body.

Answer

The Government published a call for evidence on raising standards in the tax advice market in March 2020. This explored a range of options to raise standards, including requiring all tax advisers to belong to a professional body. Responses to the call for evidence, including the response from the Association of Accounting Technicians (AAT), were carefully considered. A summary of responses and the Government’s proposed next steps were published in November 2020.

Many respondents to the call for evidence suggested requiring tax advisers to hold professional indemnity insurance (PII) could provide a baseline level of taxpayer protection. The Government is now consulting on the merits of requiring tax advisers to hold PII, including assessing the impacts of this requirement. The consultation closes on 15 June 2021.

Any decisions resulting from the consultation will be announced at a future fiscal event.

Secondary information

Type
Written question
Reference
HL15302
Session
2019-21
Grouped for answer
Yes
Subjects
Accountancy Professional organisations Taxation Association of Accounting Technicians
Link
View this Written question on www.parliament.uk