The minimum and maximum levels of cover remain broadly unchanged but there are some changes in the detail.
Members will in future be asked to self certify their compliance with the new regulations.
In addition we have prepared a set of guidance notes to give further advice on the application of the regulations. The guidance notes will be updated as new points emerge. Guidance note 6 was updated on 30 November 2005 to clarify the distinction between a 'costs inclusive' and a 'costs in addition' policy and again on 15 December 2005 to comment on the misrepresentation and non-disclosure clause.
The regulations and the guidance notes are attached for download here (Adobe PDF). An article which gives more details on the new regulations can also be downloaded here.
If you have any queries please contact:
Jonathan Crump (Deputy Secretary CIOT)
Andy Pickering (Secretary ATT)
Heather Brehcist (Standards Officer)
E-mail: standards@tax.org.uk.
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Jonathan Crump
