Finance Bill 2021: ICAEW comments on FINs measure

Released 27 April 2021

The Institute of Chartered Accountants in England and Wales (ICAEW) has published REP 42/21, in which it comments on a Finance Bill 2021 measure on financial institution notices (FINs).

Broadly, clause 122 introduces new provisions into HMRC’s civil information powers in Finance Act 2008, Sch. 36, under which a FIN can be issued to a financial institution to obtain third-party information or documents about taxpayers. HMRC will not be required to obtain prior approval from the tribunal or taxpayer before issuing a FIN. If enacted, the measure will apply from Royal Assent to Finance Bill 2021.

View ICAEW REP 42/21.

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