Draft legislation will give HMRC powers to request information from financial institutions without approval of the First Tier Tribunal, but could prove expensive to comply with, warns Collyer Bristow’s William Hancock
Draft legislation to be included in Finance Bill 2020-2021 gives HMRC a new right to information from a financial institution (FI) without having first to seek the approval of the First Tier Tax Tribunal (FTT). The measures were published on 21 July 2020 and follow the closure of HMRC’s consultation on the discussion document Amending the HMRC’s Civil Information Powers published on 10 July 2018.
The new right extends the information and inspection powers contained in schedule 36 Finance Act 2008 (s36).
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