UK: PROPOSED NEW NOTICE WOULD REQUIRE FINANCIAL INSTITUTIONS TO PROVIDE INFORMATION ABOUT CUSTOMERS THAT IS REQUIRED FOR THE PURPOSES OF UK OR OVERSEAS TAX INVESTIGATIONS OR THE COLLECTION OF TAX DEBTS

An article from Out-Law on 26 August concerns proposals to be included in the next Finance Bill, to allow HMRC to issue a financial institution notice (FIN) requesting information about a financial institution’s customers for the purposes of domestic or overseas tax investigations, without having to obtain the approval of the first-tier tribunal or the taxpayer. The article points out that financial institutions are already required to annually report high-level information about financial accounts held by non-residents to HMRC under the CRS. HMRC then automatically passes that information onto the overseas tax authorities concerned.  The proposed notice would seemingly make it easier and quicker to respond for requests for further information.

https://www.pinsentmasons.com/out-law/guides/proposed-new-tax-information-notice-for-uk-financial-institutions

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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