Consultation outcome

Tackling the hidden economy: extension of data-gathering powers to money service businesses

This consultation has concluded

Download the full outcome

Tackling the hidden economy: extension of data-gathering powers to money service businesses - summary of responses

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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.

Original consultation

This consultation ran from to

Summary

A consultation on extending HMRC’s powers to obtain additional data from money service businesses, to help tackle the hidden economy.

Documents

Consultation description

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.