HM Revenue and Customs Brief 39/12
Submit Articles Back to Articles
Issued: 7 January 2013
Schedule 23 Finance Act 2011 - collection of National
Insurance numbers and other tax identification numbers by financial
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
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
Further information on this subject can be obtained from the
internet by following the link below.
for sections 17 and 18 TMA and EUSD
Or from Nick Wright on Tel 0161 475 8577.
About the Author
© 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.
Follow us @Scopulus_News
Article Published/Sorted/Amended on Scopulus 2013-01-14 09:05:10 in Tax Articles