HMRC gets hold of credit card records

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HMRC will be able to see information on credit and debit card payments made by businesses under new powers to help it reduce fraud.

The Revenue says it's new powers could reduce fraud by more than £50m per year.

HMRC can access information from the UK’s merchant acquirers – the companies that process card payment transactions – to find out the number and value of transactions completed by a specific trader.

No personal data identifying the card owners or card numbers will be...

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05th Sep 2013 14:06

I'm intrigued

If they don't have access to the card owner or card number, how do they hope to identify the trader?

With kind regards

Clint Westwood

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05th Sep 2013 14:21

Through a glass darkly

This is how it will work, simples!!

Regulation 3

3 After regulation 11 insert –

“MERCHANT ACQUIRERS

11A(1) The relevant data for a data-holder of the type described in paragraph 13A of Schedule 23 are –

(a)in relation to each person who holds a merchant account with the merchant acquirer (a “trader”), information relating to payments made to a merchant account, including the currency the payments were made in;

(b)the reference number of the account into which the payments referred to in sub-paragraph (a) were made and, where necessary for identifying the account, the branch where the account is held;

(c)the customer ID number, being any unique reference number which has been allocated to a trader, for the purposes of identifying the trader, as part of the business arrangement between the merchant acquirer and the trader;

(d)the merchant ID number, being any unique reference number which has been allocated to a trader's merchant account, for the purposes of identifying this merchant account, as part of the business arrangement between the merchant acquirer and the trader;

(e)the name, address and telephone number of each trader and for each merchant account; and

(f)where available to the merchant acquirer at the time of receipt of a data-holder notice, the e-mail address, website address and VAT number of each trader and for each merchant account.

11A(2) In this regulation “VAT number” means “registration number” as defined in paragraph 1 of regulation 2 of the Value Added Tax Regulations 1995.”.

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05th Sep 2013 14:08

1984, Newspeak and The Ministry of Truth

The origional impact assessment on this new powers published in 11/12 made no mention of any benefit to the Exchequer and now  HMRC state that they could reduce fraud by up to £50m per year, has something changed since then to support this forecast or was this in their collective mind  at the time it was first drafted?

As for restricting access to personal information of the card holder this could easily be changed by a very small amendment to the Legislation one hopes that Members of the House of Commons are aware of the full implications of this most interesting change in the Law. 

One wonders what George Orwell would have had to say about this?

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By JC
05th Sep 2013 14:40

How does this work ....

With off shore providers - PayPal, Authorize.Net, 2g2s.com (EU)

 

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By nutwood
05th Sep 2013 16:12

If I'm reading this correctly

should the first line of the of the article read

HMRC will be able to see information on credit and debit card payments received by businesses under new powers to help it reduce fraud.

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By BKD
05th Sep 2013 22:25

Correct, Nutwood

Either that or HMRC will be able to see information on credit and debit card payments paid to businesses under new powers to help it reduce fraud (as suggested later in the article)

We seem to have been correcting a lot of AW articles recently :)

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