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Data-gathering powers: regulations

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The Data-gathering Powers (Relevant Data) Regulations, SI 2012/847, specify the data that data-holders may be required to provide to an officer of HMRC under the FA 2011 Sch 23.

‘The single information power in Sch 23 replaces over 25 separate powers that are spread throughout the Taxes Acts. There are no significant changes from the groups of data-holders covered by the old powers. The information obtained is mainly used in risk analysis in order to identify persons whose tax affairs need to be checked. A typical use of the power will be to require banks to supply details of interest paid on customers’ accounts,’ HMRC said in an explanatory note.