MSC Audit Standard

In developing an MSC Audit Standard, issues have arisen regarding the precise extent to which HMRC's legal powers permit such an Audit Standard.

HMRC will now consult external stakeholders to seek their views on the consequences of delaying, or not publishing at all, an MSC Audit Standard before deciding how best to proceed.

It is appreciated that this will be disappointing news for many who saw the MSC Audit Standard as providing a level of assurance. HMRC will continue to update guidance to provide as much clarity as possible regarding the MSC legislation and particularly the transfer of debt provisions.