High Net Worth certificates
Members are occasionally asked to sign a High Net Worth certificate. Problems may arise because neither the ATT nor CTA qualifications are recognised for this purpose by the legislation. The Department for Business, Energy and Industrial Strategy (BEIS) has historically indicated that it has no plans to amend the legislation. Having considered whether to pursue this matter, the CIOT (and ATT) have concluded that such work was not part of mainstream tax work and that it fell more within the audit role. In reaching this conclusion we noted that CIOT members are not statutory auditors (although some members may hold another qualification giving them this status) nor are they property valuers. CIOT members prepare returns on income and expenditure based on the information provided by the client and in doing so are not required to verify or confirm income and expenditure nor the valuation of assets and liabilities. Arguably the CIOT syllabus does not cover all the skills and technical knowledge required in connection with High Net Worth certificates. That is not to say that members are not capable of carrying out this work but rather that the qualifications on their own would not equip a member with the requisite skills and knowledge. While we appreciate it is frustrating for members who wish to provide this service for clients it would be difficult to put a persuasive case to an already reluctant BEIS to recognise the CTA and ATT qualifications. For this reason, we will not be taking the matter forward.