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.
Read more:
The Tax Faculty
ICAEW's Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.
More support on tax
ICAEW's Tax Faculty provides technical guidance and practical support on tax practice and policy. You can sign up to the Tax Faculty's free enewsletter (TAXwire) which provides weekly updates on developments in tax.
Sign up for TAXwireJoin the Tax FacultyMore from the Tax Faculty
Latest news
TAXwire
Stay up to date with the latest developments in tax by signing up to the Tax Faculty's weekly e-newsletter
Practical guidance
TAXline
Comprehensive support for Tax practitioners each month from the Tax Faculty and expert contributors.
Technical support
Webinars
Expert advice from the Tax Faculty's technical managers on all the developments in tax policy and practice.