This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations prescribe information for the purposes of Schedule 8 to the Finance (No.2) Act 2015 (2015 c.33) (“the Schedule”). One of the requirements of the Schedule is that information that has been prescribed in regulations must be given by a deposit-taker to HMRC in certain specific circumstances.
Regulation 3 provides that these Regulations apply to information which is, in the possession of a deposit-taker, or immediately available to it, and describes the account or, as the case may be, person, at the relevant time.
Regulation 4 prescribes the categories of information that must be provided by a deposit-taker to HMRC on receipt of an information notice under paragraph 3 of the Schedule. Regulations 5 and 6 prescribe the information which must be provided by a deposit-taker to HMRC on receipt of a hold notice under paragraph 4 of the Schedule. In both cases the prescribed information includes “specified information” about persons with an interest in the relevant accounts and “account details” about relevant accounts; these concepts are defined in regulation 2.
A Tax Information and Impact Note covering this instrument was published on 8th July 2015 and is available on the HMRC website at https://www.gov.uk/government/publications/direct-recovery-of-hm-revenue-and-customs-debts-from-debtors-bank-and-building-society-accounts. It remains an accurate summary of the impacts that apply to this instrument.
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