The government is set to press ahead with plans to require conveyancers to register as tax advisers following guidance issued by HM Revenue & Customs, the Law Society’s Council heard yesterday.

However, hopes are rising that the requirement may be postponed. UK Private Capital (formerly the British Venture Capital Association) has secured deferral for financial‑services sector entities, including private‑capital investment managers, until 31 March 2027.

A government statement confirmed that 'the registration of businesses in the financial services sector will be deferred until 31 March 2027 to allow time to get this right'.

Following meetings with HMRC, a Law Society official also told yesterday’s meeting, the agency has agreed to proceed a ‘light-touch’ basis. Chancery Lane is seeking clarity on precisely what this will entail.

As matters stand, tax advisers who interact with HMRC on behalf of clients will be required to register with the agency from May - capturing conveyancers who submit stamp duty land tax returns on behalf of clients. The Society has warned the Treasury that this could slow housing transactions by complicating and lengthening the process.

Council members also sought an update yesterday on proposals to seize the interest on client accounts.

President Mark Evans told the meeting that the Society met justice minister Sarah Sackman to discuss the plans just before the government’s consultation closed earlier this month. Sackman was ‘non-committal’, said Evans, raising hopes that the government may drop or amend the scheme.

The Society has warned that the raid on client account interest will hit high street law firms hard.