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23 Jul 10 Tax Practitioners Board's professional indemnity insurance consultation

Tamera Cockerill ATIA and I attended a consultation session with the Tax Practitioners Board with respect to professional indemnity insurance on Thursday, 22 July 2010. The Board is aiming to formulate a policy that meets the goal of protecting consumers of tax agent services, whilst not unfairly burdening registered tax agents. The Board appears to be headed towards a scheme that is not radically different to the accountants and solicitors schemes that are registered with the Professional Standards Council. We should expect to see an exposure draft of the policy by mid-September 2010, and the Board hopes it will be finalised by early December 2010. This should allow registered tax agents adequate time to comply with the measures by the proposed start date of 1 July 2011.

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