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JOSEPH HOWARD asks whether advisers are alive to the horrors of a professional negligence claim
KEY POINTS
- Professional negligence claims are increasing.
- Recent developments in the duty of care.
- What was the adviser expected to do?
- Tightening up the terms of engagement.
- Time limits for claims to be made.
James Joyce (perhaps forebodingly presentient of TMA 1970 s 36) wrote that ‘mistakes ... are the portals of discovery’. This is true in respect of discovery assessments but errors can sometimes also lead a tax adviser to the unpleasant discovery of a claim against them for professional negligence.
This article looks at some recent developments in the law of professional negligence that will have consequences for tax advisers (particularly in the area of the adviser’s duty of care) and discusses some of the ways in which risks of claims can be mitigated.
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