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FA 2011 Sch 23 information powers

FA 2011 Sch 23 arguably provides HMRC with the greatest weapon in its armoury. Aileen Barry explains why.

The various information powers under the TMA 1970 have been repealed and replaced by FA 2011 Sch 23. The TMA 1970 powers had been used irregularly on an ad hoc basis (other than the annual s 17 returns of bank and building society interest). Now there is a dedicated team within HMRC Risk and Intelligence Services (RIS) exploring how to make best use of the extended powers to assist in the ongoing process of identifying defeating and deterring tax evasion and ‘unacceptable’ tax avoidance. Information Technology specialists are key members of the team.

Purpose of the legislation

The power is exercisable simply to ‘assist with the efficient and effective discharge of HMRC’s tax functions’. No specific function or name of taxpayer need be identified or declared...

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