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.

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