UK set to enforce professional indemnity insurance requirements for tax advisers

News Team, 13/11/2020

The UK government will consult on introducing a requirement for all tax advisers to hold professional indemnity insurance. 

Based on responses to a call for evidence on raising standards in the tax advisory market and roundtable discussions, HMRC has argued that there are many potential benefits to this despite the potential cost to tax advisers, clients and the taxpayer.

HMRC said the measures would allow market forces to drive up standards including potentially removing from the market those advisers who were unable, as a result of riskier practices, to get insurance. It would also enable clients of unaffiliated ...

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