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Detail of outcome
This consultation received several responses, mainly from representative bodies, accountancy firms and law firms.
The government will introduce a new financial institution notice and make certain changes to the information powers in schedule 36 Finance Act 2008.
The draft legislation contains a number of safeguards and includes a requirement to report to Parliament annually on the use of the new notice.
You can read the summary of responses on this page, and also the draft legislation, an explanatory note and a tax information and impact note.
We are seeking comments on whether aspects of the information powers enacted by schedule 36 Finance Act 2008 are still relevant, and on some specific areas being considered for improvement.
The current provisions in HMRC’s information powers can be traced back to 1970, and, given the massive change since then, HMRC has looked at whether its powers are still relevant.
This consultation is a chance for you to tell us what you think and, if you would like to, offer alterative solutions or new ideas relating to the third party information power.
We would also like you to comment on a small number of other minor changes we’ve proposed to ensure that HMRCs powers remain effective and in line with international standards.
These are set out in the consultation document and include being able to use information for a wider range of functions and to correct errors in the penalties regime.