Financial institution notices represent a greater power for HMRC, but this does not mean that tax managers’ hands are tied, write David Haworth and Rose Swaffield (Freshfields).
As readers know if HMRC wishes to obtain information from or about taxpayers it has a broad set of information powers it can use contained in FA 2008 Sch 36. One of those is a para 4A information notice also known as a ‘Financial Institution Notice’ or ‘FIN’ which is concerned specifically with obtaining information about taxpayers held by financial institutions. HMRC may by written notice require financial institutions to provide information or to produce documents that is ‘reasonably required’ by HMRC for checking the tax position of a third party whose identity is known to them and is not in the reasonable opinion of the officer giving the notice of a kind that it would...
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Financial institution notices represent a greater power for HMRC, but this does not mean that tax managers’ hands are tied, write David Haworth and Rose Swaffield (Freshfields).
As readers know if HMRC wishes to obtain information from or about taxpayers it has a broad set of information powers it can use contained in FA 2008 Sch 36. One of those is a para 4A information notice also known as a ‘Financial Institution Notice’ or ‘FIN’ which is concerned specifically with obtaining information about taxpayers held by financial institutions. HMRC may by written notice require financial institutions to provide information or to produce documents that is ‘reasonably required’ by HMRC for checking the tax position of a third party whose identity is known to them and is not in the reasonable opinion of the officer giving the notice of a kind that it would...
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