Chapter 18

Question 1

What does the Professional Conduct in Relation to Taxation (PCRT) set out?

Answer 1

Sets out the fundamental principles and standards for tax planning all members are expected to follow

Intends to guide members in their behaviour

Question 2

what is the purpose of PCRT?

Answer 2

To assist and advice members on their professional conduct in relation to taxation

Question 3

What should a member do if in doubt about the ethical or legal considerations of a particular case?

Answer 3

Should seek advice from their professional body and where appropriate, their legal advisers

Question 4

What should a member comply with the AML legislation?

Answer 4

Always

Question 5

Do author bodies of the PCRT accept responsibility to any person or persons who suffer loss or damage occasioned by reliance on PCRT?

Answer 5

No - it doesn’t accept responsibility

Question 6

Members are bound by the 5 fundamental principles and what else?

Answer 6

5 standards for Tax Planning - as well as the AML rules and appreciate that nothing in PCRT overrides legal professional privilege

Question 7

Who can be effected by PCRT?

Answer 7

• HMRC
• Clients
• The public