ECL42000 - Transfers of debt from the GC and the FCA

The FCA and the GC are the other two collection authorities for the ECL. Persons should only pay the ECL to one collection authority. However, HMRC will be undertaking the collection of some of the ECL debts from the GC and the FCA.

The FCA and the GC will provide HMRC with the details of any compliance or collection activity they have taken to collect to the debt.

ECL debts which are under dispute with the FCA or the GC will not be transferred to HMRC.

Interest and Penalties

HMRC will not be raising any additional penalties on outstanding debt on debts which have been transferred to HMRC from the FCA or GC. However, HMRC will apply interest on the debt from the date it was transferred to HMRC. This interest is at HMRC’s rate.

Aside from the differences outlined above, HMRC’s Debt Management will take enforcement action against ECL debts transferred to HMRC in the normal procedures.