At the July 2015 Budget , the government announced a consultation to extend Schedule 23 Finance Act 2011 bulk data-gathering powers to require data from electronic payment service providers, and business intermediaries, who facilitate transactions. Changes will be made to primary legislation for Finance Bill 2016 and in support of this existing regulations, the Data-gathering Powers (Relevant Data) Regulations 2012 (SI2012/847), will be amended to specify the relevant data that HM Revenue and Customs (HMRC) can require electronic payment service providers and business intermediaries to provide.
This work helps the government’s objective of cracking down on the hidden economy and will enable HMRC to identify businesses that are receiving income but are not registered for tax, as well as those who are registered but are under-declaring their income.
HMRC has published draft regulations, together with a draft explanatory memorandum, for a period of technical consultation which will close on 3 February 2016.
A tax information and impact note has also been published.
Any comments on these drafts should be sent to Angela Roach by email: email@example.com or Telephone: 03000 586962 before the deadline.