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Raising standards in the tax advice market

02 February 2021 / Andrew Watters
Issue: 4778 / Categories: Comment & Analysis
37834
The tax market

Key points

  • HMRC publishes its summary of responses to a consultation on raising standards of tax advice.
  • No standard definition of ‘tax advice’ and ‘tax services’.
  • Poor practice causes inefficiencies and creates problems.
  • Some concern over a policing role by HMRC.
  • Should HMRC make more use of its existing powers?
  • The increasing complexity and segmentation of the tax market may complicate supervision.

In November 2020 HMRC published a summary of the responses received after its call for evidence on the tax advice market. This is separate from two other consultation exercises in 2020 which consider how to tackle promoters of tax avoidance and disguised remuneration tax avoidance schemes. It also follows the review by Sir Amyas Morse of the loan charge regime and his recommendation that the government should review the market in tax advice and tackle people who promote and may be mis-selling loan schemes. In fact ...

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