An EU directive on money-laundering requires all tax advisers to be regulated
by a recognised ‘designated professional body’. In the absence of such a body,
the Treasury has proposed that
HMRC should step in as
The CIoT, however, is
investigating what it will need to do to become a ‘designated’ regulator and has
opened the matter to its members with a questionnaire entitled: ‘HMRC to
regulate Chartered Tax Advisers? Is there an alternative?’
The tax body is concerned about potential conflicts of interest that could
arise from the taxman regulating tax advisers, but is still in the process of
finding out how many of its members would be affected by the money-laundering
A number of CIoT members, for instance, could also be members of the ICAEW or
the Law Society, which have already been recognised as designated professional
bodies and may not require the CIoT to act as their regulator.
There is the possibility, however, that some advisers could find themselves
answering to HMRC if they are not members of other institutes and societies.
A spokesman said the CIoT was still ‘testing the waters’ over its regulatory
role, and needed to ascertain how many members would need to comply with the
money-laundering rules and what the cost of such regulation would be.
‘We need to see how many members would be regulated and whether they would
want us to regulate them. We also need to ascertain what the costs of regulation
would be,’ the spokesman said.
The CIoT is expected to have its finalised proposal to regulate members
prepared for the Treasury before the end of the year.
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code
The International Integrated Reporting Council (IIRC) and the CIPFA have launched an introductory guide for leaders on integrated thinking and reporting
Accountancy Age is delighted to reveal the shortlists for the 2016 British Accountancy Awards