Accountancy Daily on 10th July reported that HMRC has launched a 12-week consultation on potential changes to its civil information powers, with a focus on the way it which it requests information from third parties, and the penalty regime. The consultation reviews a number of aspects of HMRC’s information powers under Schedule 36 to the Finance Act 2008. It reports that HMRC says the current process for issuing a third party notice, which requires obtaining approval from a tribunal, can add a great deal of time to the information gathering process, and ultimately prolongs the course of a domestic enquiry or the time taken to exchange information internationally. The consultation closes on 2nd October
