HMRC Seeking New Powers

HMRC Seeking New Powers

HMRC are seeking new powers that will allow them to obtain information about taxpayers from a variety of sources, without the approval of a tax tribunal.

The proposals would allow HMRC to submit information requests directly to financial institutions, accountants, lawyers, estate agents and other third parties. It would, among other things, allow HMRC to obtain bank statements and transaction histories without the need of a tribunal’s approval.

The current rules require HMRC to seek approval from either the tax tribunal or the taxpayer directly. This can add a great deal of time, and ultimately prolong any enquiry.

The powers are said to be most likely used to investigate international tax dodgers but they may also be used in “domestic” cases.

The consultation ends on 2 October 2018.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.