Despite criticism, financial institution notices look set to be introduced. Elena Rowlands and Ian Zeider (Travers Smith) explore what this could mean.
In July 2018 HMRC published a consultation document (Amending HMRC’s civil information powers) which included different proposals to make it easier for HMRC to obtain information about taxpayers from third parties. Those proposals were criticised for removing important taxpayer safeguards and it was unclear the extent to which they would be taken forward. Then last July the government published proposed new legislation introducing reforms along the lines of one of the proposals in the 2018 consultation document in the form of the introduction of a new type of information notice referred to in the legislation as a ‘financial institution notice’ (FIN) that requires financial institutions (FIs) to provide HMRC with information relating to taxpayers.
Despite criticism these new rules seem...
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Despite criticism, financial institution notices look set to be introduced. Elena Rowlands and Ian Zeider (Travers Smith) explore what this could mean.
In July 2018 HMRC published a consultation document (Amending HMRC’s civil information powers) which included different proposals to make it easier for HMRC to obtain information about taxpayers from third parties. Those proposals were criticised for removing important taxpayer safeguards and it was unclear the extent to which they would be taken forward. Then last July the government published proposed new legislation introducing reforms along the lines of one of the proposals in the 2018 consultation document in the form of the introduction of a new type of information notice referred to in the legislation as a ‘financial institution notice’ (FIN) that requires financial institutions (FIs) to provide HMRC with information relating to taxpayers.
Despite criticism these new rules seem...
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