Alex Spencer considers the amendments to Finance Act 2012, Schedule 38 contained in Finance Act 2026 and their (very serious) consequences for tax advisers.
Finance Act 2026 contained a number of provisions with a stated purpose to tackle non-compliance in the tax advice industry. Perhaps the most widely publicised of these provisions was the mandatory registration regime for tax advisers. However, of potentially greater consequence is FA 2026, Sch 22, which contains a package of draconian amendments to the penalty regime in FA 2012, Sch 38.
Most advisers can be forgiven for having little practical experience with FA 2012, Sch 38 given that it has, up until now, applied only to ‘tax agents’ engaged in ‘dishonest conduct’. However, the amendments introduced in FA 2026 from
