Treasury Mulls Mandatory Insurance For UK Tax Advisers
Law360, London (March 24, 2021, 2:46 PM GMT) -- The government has said it is considering whether to introduce mandatory professional indemnity insurance for tax consultants, as it plans to weed out what it described as a "minority of incompetent, unprofessional and malicious advisers."
HM Treasury said as it launched a consultation on Tuesday that an estimated 72,000 tax advisers work in the U.K. Some 70% of them are members of professional bodies, leaving approximately 21,000 unaffiliated advisers: half of those are unlikely to hold insurance.
The ministry said that incompetent or criminal tax advisers could be encouraged to pack up shop if professional indemnity insurance was compulsory.
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