The 2015 Summer Finance Bill - Administration and enforcement

  • Financial intermediaries writing to their customers in advance of receipt of data under the Common Reporting Standard: with effect from a date to be set by statutory instrument financial intermediaries are required to notify their customers about the Common Reporting Standard, the penalties for evasion and the opportunities to disclose.
  • Direct recovery of debts: HMRC empowered to recover tax and tax credits directly from debtors’ bank and building society accounts, including funds held in cash ISAs, with effect from Royal Assent to the Bill.
  • Simplification of HMRC debtor and creditor interest rates: the rate of interest which applies on taxation-related debts payable by HMRC under a court order is aligned with that payable on other debts by HMRC and set to a rate equal to the Bank of England base rate plus 2%. The current late payment interest rate of 3% will now also apply to taxation-related debts owed to HMRC under a court order. This applies to new and pre-existing judgments and orders in respect of interest accruing on or after 8 July 2015.

Related links

Personal tax
Venture capital schemes
Inheritance tax
Business tax
Other taxes

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