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Detail of outcome
This document summarises responses to the consultation over summer 2016 on extending HMRC’s data gathering powers to Money Service Businesses.
It provides a summary of the government response and the proposed next steps in this process.
This consultation is about a proposal to extend HMRC’s bulk data-gathering powers to include customer data held by money service businesses (MSBs). This data will help HMRC to identify non-compliant customers trading in the hidden economy.
The consultation invites views on the proposal and options for implementation, to ensure that it addresses the exploitation of MSBs by non-compliant customers to hide undeclared income, and minimises the compliance burdens on MSBs.