HMRC’s powers to access and exchange information with other tax authorities have grown in recent years, allowing HMRC greater visibility of international transactions. International routes have expanded to cover more sources of information than ever before and the extraterritorial scope and limitations of HMRC’s domestic information powers under FA 2008 Sch 36 has also shifted. Multinationals need to be aware of the breadth and impact of these powers and appropriately ensure that internal systems and processes are able to provide a full and complete picture of a transaction, regardless of jurisdiction dividing lines.
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HMRC’s powers to access and exchange information with other tax authorities have grown in recent years, allowing HMRC greater visibility of international transactions. International routes have expanded to cover more sources of information than ever before and the extraterritorial scope and limitations of HMRC’s domestic information powers under FA 2008 Sch 36 has also shifted. Multinationals need to be aware of the breadth and impact of these powers and appropriately ensure that internal systems and processes are able to provide a full and complete picture of a transaction, regardless of jurisdiction dividing lines.
If you are not a subscriber, subscribe now to read this content.
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