UK: BROAD NEW FINANCIAL INSTITUTION NOTICES FOR HMRC TO OBTAIN ACCESS TO TAXPAYER DATA HELD BY FINANCIAL INSTITUTIONS

On 4 August, UK Finance reported that a new measure allows HMRC to obtain access to taxpayer data held by financial institutions. Financial Institution Notices (FIN) allow HMRC to demand taxpayer information from a financial institution without obtaining tax tribunal approval.  It is said that HMRC believes that this will allow it to respond to international information requests quickly and bring the UK into line with international standards on tax transparency.

https://www.ukfinance.org.uk/news-and-insight/blogs/broad-new-financial-institution-notices-launched

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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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