HMRC has published the outcome and summary of responses to the consultation ‘Raising standards in tax advice: protecting customers claiming tax repayments’. As a result repayment agents will have to register with HMRC before they can act for clients. They will also no longer be able to lock taxpayers into legally binding ‘assignments’ as part of claiming an income tax repayment which could only be cancelled if the agent and taxpayer both agreed. Under new legislation if a taxpayer chooses to use a repayment agent to reclaim overpaid tax and wants it sent to the agent they will need to make a nomination which they can cancel at any time.
HMRC will also update its standard for agents by introducing stricter transparency rules. This includes introducing a 14-day ‘cooling off’ period for taxpayers after entering into an arrangement with an agent and...
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