PCRT now consists of the fundamental principles and the standards for tax planning. Compliance with PCRT is mandatory for members advising on UK tax matters. Members must be familiar with and comply with PCRT and a failure to do so may result in disciplinary action.

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 20 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.
• The latest PCRT responds to the government’s challenge to the professional bodies to take a greater lead in setting and enforcing clear professional standards around the facilitation and promotion of tax avoidance.
• PCRT has been endorsed by HMRC as an acceptable basis for dealings between members and HMRC.

• Download PCRT

Helpsheets

PCRT is supported by supplementary helpsheets which replace Parts 3 and 4 of the 2017 edition of PCRT:

• PCRT Helpsheet A – Submission of tax information and tax filings
• PCRT Helpsheet B – Tax advice
• PCRT Helpsheet C1 – Dealing with errors
• PCRT Helpsheet C2 – Dealing with errors for members in business
• PCRT Helpsheet D – Request for data by HM Revenue and Customs
• PCRT Helpsheet E – Members’ personal tax affairs

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.

• Download PCRT

Additional support

ICAEW publishes a wide range of guidance for members. Here we identify additional support which should be particularly useful when read alongside PCRT. 

• Guidance on R&D tax credit services
• Engagement letters
• Q&As on PCRT
• Read the article – Professional Conduct in Relation to Taxation: a tax perspective on ethics

The PCRT bodies have established a small working group to review the impact of MTD for Income Tax (MTD IT) on the rules set out in PCRT. This is with a view to issuing supplementary guidance to support members in readiness for the mandating of MTD IT. For the latest information on MTD IT please visit ICAEW's MTD hub. If members have any queries regarding PCRT, they should contact ICAEW.

PCRT webinars

Nick Parker and Sophie Falcon guide members through the digital PCRT, fundamental principles, the new standards and revised helpsheets. This webinar was recorded on 13 May 2019.

Nick Parker and Sophie Falcon guide members through the background to the challenge, the changes to the code of practice and what to watch out for in this short webinar. This webinar was recorded on 31 January 2017.