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New Information Powers Regime

Iain Macleod and Mark Howard Senior Tax Managers in the PricewaterhouseCoopers LLP tax investigations network look at the new information powers regime
The Finance Act (FA) 2008 heralds a new approach to enquiries for HMRC. Sch 36 harmonises the powers HMRC will use for enquiries into income tax corporation tax capital gains tax (CGT) VAT PAYE NIC Construction Industry Scheme (CIS) liabilities and relevant foreign tax.
The distinction between powers for an enquiry into a self-assessment return and the more wide-ranging TMA 1970 s 20 disappears and the possibility of pre-return enquiries for all taxes arises. There is some legislative support for real-time working and a new power to inspect business premises.
The powers are broadly summarised below.

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