Tax professionals argue that a new code of conduct is unnecessary, but some experts have expressed support for a kitemark, or charter, for advisers.
In my latest article for Accountancy Age, practising tax experts discuss the existing codes of conduct and consider whether HMRC could set acceptable professional standards.
What tax planning is appropriate? The [professional code of conduct in relation to taxation, prepared by six tax and accountancy bodies] says this is ultimately a decision for the client to take “having received advice and taking into account broader commercial and ethical issues”. But a member “should not recommend” planning that he or she considers ineffective because of the new general anti-abuse rule or other tax law – which includes a host of targeted anti-avoidance rules.
Read more: PAC reignites tax ‘code of conduct’ debate.