HMRC consultation on ‘Raising standards in the tax advice market: professional indemnity insurance and defining tax advice’

Dear customer,

Our consultation on ‘Raising standards in the tax advice market‘ was published on 23‌‌‌ ‌March 2021. This is your chance to have your say.

We need to understand the impact these proposals would have on taxpayers, businesses, the insurance industry and the wider tax advice market, so your views are really important to us.

If you’d like to have your say or take part in a virtual roundtable discussion, email us at [email protected]. The consultation will run until 15‌‌‌ ‌June 2021.

This work derives from the Summary of responses and next steps published following our call for evidence, which suggested that the tax advice market needs intervention to enhance consumer protection and improve standards.

As a first step, the government committed to consulting on introducing a requirement for all tax advisers to hold professional indemnity insurance. This consultation also welcomes views on the definition of tax advice, to help determine who will be covered by this requirement.

We look forward to hearing from you.

Agent Reform Policy Team

Originally published by HMRC