HMRC accepts representations on FA 2011 Sch 23 framework
HMRC has announced that it will not require financial institutions making ‘Type 17/18’ annual returns of interest to provide NI and other tax identification numbers for interest bearing accounts opened on or after 6 April 2013.
‘Representations have been received from the financial sector and HMRC accept that [FA 2011] Sch 23 does not empower financial institutions to collect such information,’ HMRC said in Revenue & Customs Brief 39/12. ‘Legislation will be required to empower the collection of such data. HMRC will discuss any such future legislation with the industry.’
HMRC accepts representations on FA 2011 Sch 23 framework
HMRC has announced that it will not require financial institutions making ‘Type 17/18’ annual returns of interest to provide NI and other tax identification numbers for interest bearing accounts opened on or after 6 April 2013.
‘Representations have been received from the financial sector and HMRC accept that [FA 2011] Sch 23 does not empower financial institutions to collect such information,’ HMRC said in Revenue & Customs Brief 39/12. ‘Legislation will be required to empower the collection of such data. HMRC will discuss any such future legislation with the industry.’
