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Professional standards and regulation

Members of the main professional bodies (AAT, ACCA, ATT, CIOT, ICAS, ICAEW and STEP) are obliged to apply an approach to tax planning included in the Professional Conduct in Relation to Taxation.

This guidance includes the mandatory principles of integrity, objectivity, professional competence and due case, confidentiality and professional behaviour. It also includes a section on Standards for tax planning.

The standard sets out that tax planning must:

1. •

   be client specific

2. •

   be lawful

3. •

   provide sufficient disclosure and transparency as regards the tax authorities

4. •

   not create, encourage or promote tax planning arrangements or structures that set out to achieve results that are contrary to the clear intention of Parliament, and / or are highly artificial or highly contrived and seek to exploit shortcomings within the relevant legislation

5. •

   be