HMRC has various powers to obtain information and documents from various persons for the purposes of checking a taxpayer's 'tax position' or collecting a 'tax debt' of the taxpayer1.
These powers are summarised in A6.610, which also includes the definition of 'tax position' and 'tax debt'.
This article discusses financial institution notices, which are also known as FIN or financial institution information notices and were subject to consultation in 2018 prior to be being introduced in 2021.
For details of HMRC's use of financial institution notices in the period to 31 March 2022, see the Report on HMRC's Financial Institution Notice Powers (Jan 2023). This report is discussed in 'How is HMRC using financial institution notices?' by Jack Prytherch in Tax Journal, Issue 1608, 14 (24 February 2023).
Financial institution notices—overview
A designated authorised HMRC officer2 may issue a written information notice (a 'financial institution notice') requiring a 'financial institution' to provide such information or documents as the officer 'reasonably requires' (see A6.610) for the purpose of checking a taxpayer's tax position or
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