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HM Revenue and Customs Brief 39/12

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HM Revenue and Customs -Tax Authorities

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Issued: 7 January 2013

Schedule 23 Finance Act 2011 - collection of National Insurance numbers and other tax identification numbers by financial institutions

Who should read: Financial Institutions who make Type 17/18 annual returns of interest paid or collected. Financial Institutions who make Type 17/18 annual returns of interest paid or collected.

Schedule 23 to the Finance Act 2011 (FA 2011) introduced a new framework of powers for HM Revenue & Customs (HMRC) to collect data to help in risk assessment.

One aim was to require UK Financial Institutions to collect and provide National Insurance numbers and other tax identification numbers for all interest bearing accounts opened on or after 6 April 2013.

Representations have been received from the financial sector and HMRC accept that Schedule 23 does not empower financial institutions to collect such information. HMRC will not now require this extra data to be provided.

Legislation will be required to empower the collection of such data. HMRC will discuss any such future legislation with the industry. There will be a suitable lead-in time to allow for the necessary system changes to be made.

This only applies to the new data collection requirements under Schedule 23 to FA 2011. All current reporting requirements involving National Insurance numbers and other tax identification numbers, on these and other returns, such as on ISA returns, continue to apply.

Further information on this subject can be obtained from the internet by following the link below.

Reports for sections 17 and 18 TMA and EUSD

Or from Nick Wright on Tel 0161 475 8577.


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Crown Copyright 2013.

A licence is needed to reproduce this article and has been republished for educational / informational purposes only. Article reproduced by permission of HM Revenue & Customs.



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Article Published/Sorted/Amended on Scopulus 2013-01-14 09:05:10 in Tax Articles

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