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The Tax Faculty’s response provides a detailed analysis of the proposed revisions to the Ethical Code published by the International Ethics Standards Board (IESBA) compared to the UK’s Professional Conduct in Relation to Taxation (PCRT).
In ICAEW REP 41/23, ICAEW’s Tax Faculty expresses support for IESBA’s initiative to strengthen the existing ethical code as it applies to tax planning and related services.
However, the faculty has asked to explore whether it might be possible to reconcile the PCRT requirements and IESBA’s proposals in a way that maintains the well-established and understood nature of the PCRT, in relation to UK matters.
It also expressed concern over the credible basis test, the potential costs of complying with the code and ensuring that the proposals adopted are applied prospectively.
The representation also includes detailed responses to the request for specific comments, together with some additional observations about the drafting.
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