8[F1(1)A person who carries on a trade or profession that is regulated by a professional body meets this condition if all of the following conditions are met—U.K.
(a)the person is found guilty of misconduct of a prescribed kind,
(b)action of a prescribed kind is taken against the person in relation to that misconduct, and
(c)a penalty of a prescribed kind is imposed on the person as a result of that misconduct.]
(2)Misconduct may only be prescribed for the purposes of sub-paragraph (1)(a) if it is misconduct other than misconduct in matters (such as the payment of fees) that relate solely or mainly to the person's relationship with the professional body.
(3)A “professional body” means—
(a)the Institute of Chartered Accountants in England and Wales;
(b)the Institute of Chartered Accountants of Scotland;
(c)the General Council of the Bar;
(d)the Faculty of Advocates;
(e)the General Council of the Bar of Northern Ireland;
(f)the Law Society;
(g)the Law Society of Scotland;
(h)the Law Society [F2of] Northern Ireland;
(i)the Association of Accounting Technicians;
(j)the Association of Chartered Certified Accountants;
(k)the Association of Taxation Technicians;
(l)any other prescribed body with functions relating to the regulation of a trade or profession.
Textual Amendments
F1Sch. 34 para. 8(1) substituted (with effect in accordance with Sch. 19 para. 9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 19 para. 7(2)
F2Word in Sch. 34 para. 8(3)(h) substituted (with effect in accordance with Sch. 19 para. 9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 19 para. 7(4)