The Finance Bill contains provisions which, if enacted in their current form, will allow HMRC to issue a new form of information notice, the financial institution notice (FIN), to financial institutions, requiring them to provide HMRC with information relating to taxpayers. Unlike current third party notices, neither taxpayer nor tribunal consent will be needed and there is no appeal process (although judicial review will be possible). This has given rise to concerns that there are inadequate safeguards on HMRC’s use of FINs.
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The Finance Bill contains provisions which, if enacted in their current form, will allow HMRC to issue a new form of information notice, the financial institution notice (FIN), to financial institutions, requiring them to provide HMRC with information relating to taxpayers. Unlike current third party notices, neither taxpayer nor tribunal consent will be needed and there is no appeal process (although judicial review will be possible). This has given rise to concerns that there are inadequate safeguards on HMRC’s use of FINs.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
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