Chapter 18 Flashcards Preview

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Flashcards in Chapter 18 Deck (7)
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1
Q

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

A

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

Intends to guide members in their behaviour

2
Q

what is the purpose of PCRT?

A

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

3
Q

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

A

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

4
Q

What should a member comply with the AML legislation?

A

Always

5
Q

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

A

No - it doesn’t accept responsibility

6
Q

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

A

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

7
Q

Who can be effected by PCRT?

A
  • HMRC
  • Clients
  • The public