Key points
- PCRT is prepared jointly by seven professional bodies and associations, including ICAEW, whose members work in tax. The seven professional bodies are listed in para 1.11.
- PCRT has been in existence for over 30 years and is regularly updated. It sets out the high ethical standards which form the core of the tripartite relationship between tax adviser, client and HMRC.
- PCRT has been endorsed by HMRC as an acceptable basis for dealings between members and HMRC.
Help Sheets
PCRT is supported by supplementary help sheets:
The helpsheets represent guidance designed to help members apply the Fundamental Principles and Standards in their tax work. While not mandatory a member in a disciplinary case may be asked to explain why they did not follow the helpsheet guidance. For example, a case might be brought against a member under the fundamental principle of integrity. As part of the investigation by the disciplinary body the member could be asked to explain why, as recommended in the ‘Dealing with errors’ helpsheet, they had not advised their client to make good the tax underpayment which they had identified in the client’s tax affairs.
Topical guidance
ICAEW publishes a wide range of guidance for members. Here we identify additional support which should be particularly useful when read alongside PCRT.
Other support
If members have any queries regarding PCRT, they should contact ICAEW.
