Specialist accreditation for private client tax

The Society has recently approved a new specialist accreditation, for private client tax practitioners

The Journal, January 2008, page 27

The Society has recently approved a new specialist accreditation, of private client tax practitioners. The Society is conscious of the large numbers of practitioners who are to a greater or lesser degree involved in private client tax advice, including all who are involved in trusts, wills and executries.

The accredited specialists will be expected to have at both detailed and strategic level, knowledge and experience showing exceptional understanding and practical application of all of income tax, capital gains tax and inheritance tax, as well as the relevant elements of stamp duty land tax, as these various taxes affect individuals, trusts and estates. An accredited specialist will be expected also to have a sound understanding of the principles of other taxes which may interact with personal taxes, including corporation tax on family companies and value added tax on estates and farms. In addition, there may be tax issues of residence and domicile, employment, investment and pensions, as well as the heritage property exemptions.

A panel has been established to consider applications, which are now invited from appropriate practitioners. The panel acknowledges that accredited specialists may have more detailed knowledge and experience in some tax areas than others, but successful applicants will be expected to be able to recognise the strategic issues of all relevant taxes. Accredited specialists will be able to provide consultancy support for practitioners, including specialists who practise for example in trusts, family law or agriculture.

Further information is on the Society’s website – search “Specialisations” – and the application form (standard for any specialism) can be downloaded in PDF format, and completed using the typewriter tool. As well as the detailed information on the form itself, two referees must be nominated.