HMRC data gathering powers clarified

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Nearly four years ago the government introduced a set of new rules that HMRC must follow when undertaking a taxpayer compliance check. Finance Bill 2011 will update those rules by specifying what form of notice is required when obtaining information from a third party, how the notice will be complied with, the right of appeal, and penalties for non-compliance.

All of the current rules will be gathered into one Schedule in the single act rather than being spread throughout the various pieces of legislation. 

The third parties subjected to checks are to be known as “data-holders” and HMRC lists them into categories thought to hold information that may be required when undertaking an investigation. The information may refer to any of the taxes administered by HMRC and could als...

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