HMRC has published a new factsheet setting out the information
and documents that financial institutions will need to provide to HMRC if they
receive a financial institution notice (FIN).
Compliance checks series Factsheet CC/FS60
Financial Institution Notice provides general guidance including what
action the institution can take if disagrees with the notice and what happens
if the institution does not comply with the requirements set out in the FIN.
Financial institution notices, introduced by FA 2021 s 126, can
be issued to third-party financial institutions such as banks and building
societies and require the financial institution to give HMRC certain
information and/or documents for the purposes of checking the tax position of a
taxpayer, or for the purpose of collecting a tax debt.
HMRC has published a new factsheet setting out the information
and documents that financial institutions will need to provide to HMRC if they
receive a financial institution notice (FIN).
Compliance checks series Factsheet CC/FS60
Financial Institution Notice provides general guidance including what
action the institution can take if disagrees with the notice and what happens
if the institution does not comply with the requirements set out in the FIN.
Financial institution notices, introduced by FA 2021 s 126, can
be issued to third-party financial institutions such as banks and building
societies and require the financial institution to give HMRC certain
information and/or documents for the purposes of checking the tax position of a
taxpayer, or for the purpose of collecting a tax debt.
