Compulsory professional indemnity insurance is next step in tax advisers project

Nov 16, 2020

Last week saw a flurry of responses to consultations published including the Government’s response to the tax advisers consultation which the Institute’s NI Tax Committee responded to in the summer. The direction of the consultation response is in agreement with the Committee’s recommendation of compulsory professional indemnity insurance and there are currently no plans for external regulation of already regulated advisers such as members of this Institute which was also a key recommendation of the Committee.

Next steps in this project were published alongside the summary of responses, which includes plans for a consultation on the requirement for all tax advisers to possess appropriate levels of professional indemnity insurance. The consultation will also seek feedback on the definition of tax advice. The NI Tax Committee of this Institute will continue to engage with HMRC as this project continues.