Professional Conduct in Relation to Tax (PCRT) has been prepared by seven professional bodies whose members work in tax, including ICAEW. It has been endorsed by HMRC as an acceptable basis for dealings between members of professional bodies and HMRC. PCRT has been in existence for over 20 years and is regularly updated. ICAEW members must be familiar with and comply with PCRT or risk disciplinary action. 

There are five fundamental principles:

• integrity; 
• objectivity; 
• professional competence and due care; 
• confidentiality; and 
• professional behaviour. 

The standards for tax planning build on the fundamental principles. Tax planning must be: client-specific; lawful; and based on full disclosure to the tax authority.

This is covered in our new video – one of a series that aims to give an easily digestible description of different aspects of tax that can be readily understood by anyone who is not an expert in that particular field.

We will be adding to the collection in the coming weeks and months, to build up a resource to be used by all accountants. If there is a topic you’d like to see covered, please email Stephen Relf.

Download PCRT and access further guidance, including helpsheets.