In June 2021, Finance Bill 2021 received its royal asset. This bill introduced legislation to bring in a new Financial Institution Notice (FIN) that allows HMRC to obtain information and documents from financial institutions in order to review the tax position of a taxpayer and for tax debt collection. Under the new FIN, HMRC no longer needs approval from the tax tribunal prior to obtaining information from financial institutions. The intent is to streamline the process for dealing with the international exchange of information requests and align the UK with the international standards on tax transparency.
Read Finance Bill 2021 here – https://www.legislation.gov.uk/ukpga/2021/26/enacted
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