January 2025 - Update to Indicative Sanctions Guidance

The Taxation Disciplinary Board annually reviews the Indicative Sanctions Guidance which sets out the range of sanctions that are available to the Tribunal with indications of how these may be applied to various situations. The review involves benchmarking the sanctions that the TDB applies against those of similar regulators and some general tidying up to remove some elements of ambiguity and inconsistency.

The result of this has shown that the level of fines imposed by the TDB have been set at levels below those felt appropriate by similar professional regulators and therefore the suggested sanctions and appropriate level of fines have been updated. The ISG is to be treated as guidance with TDB panellists using their judgment and reaching conclusions about taking mitigating and aggravating circumstances into account when determining sanctions.

The updated Guidance also includes new guidance for AML related breaches. The latest version of that Guidance is now available and can be found HERE.