UK Drafting Tax Agent Registration Rules for Financial Services

The UK tax authority is preparing rules to clarify which financial services firms need to register as tax advisers under a new regulatory regime.

Secondary legislation will confirm which organizations in the finance sector need to register and by when, a spokesperson for His Majesty’s Revenue and Customs said Tuesday in an email to Bloomberg Tax.

Under a new regime to be phased in starting this May, professionals who interact with HMRC on behalf of clients need to register with the tax authority as tax advisers and meet certain minimum standards.

• After industry groups raised implementation concerns, HMRC last month ...