The first report on HMRC’s use of financial institution notices (FINs) has now been laid before Parliament. The report includes several important updates, most notably an unexpected retreat on HMRC’s (previously undisclosed) proposal to use FINs to collect location data. HMRC still plans to go ahead with another proposal to use FINs to obtain information on employees and contractors of financial institutions, despite concerns being raised. The latest information indicates that HMRC is willing to use this power in previously unanticipated ways and potentially on a scale larger than expected.
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The first report on HMRC’s use of financial institution notices (FINs) has now been laid before Parliament. The report includes several important updates, most notably an unexpected retreat on HMRC’s (previously undisclosed) proposal to use FINs to collect location data. HMRC still plans to go ahead with another proposal to use FINs to obtain information on employees and contractors of financial institutions, despite concerns being raised. The latest information indicates that HMRC is willing to use this power in previously unanticipated ways and potentially on a scale larger than expected.
If you are not a subscriber, subscribe now to read this content.
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