The Data-gathering Powers (Relevant Data) (Amendment) Regulations 2016

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Data-gathering Powers (Relevant Data) Regulations 2012 (S.I. 2012/847) (“the principal Regulations”).

The amendments specify relevant data which an officer of Her Majesty’s Revenue and Customs (“HMRC”) may require from two new categories of data-holder introduced into Schedule 23 to the Finance Act 2011 (c. 11) by section 176 of the Finance Act 2016 (c. 24), which came into force on 15 September 2016. The amendments also amend regulation 11A of the principal Regulations, which specifies relevant data that may be required from merchant acquirers, to align with the new provisions.

The first new category of data-holder is electronic stored-value payment service providers, from whom an officer of HMRC may require data relating to the electronic payments they facilitate for payment recipients.

The second new category of data-holder is business intermediaries, which are those businesses that enable or facilitate transactions involving the supply of goods or services, and from whom an officer of HMRC may require data relating to the suppliers of those goods and services.

A Tax Information and Impact Note covering this instrument was published on 9 December 2015 alongside legislation to introduce two new categories of data-holder to Schedule 23 to the Finance Act 2011 (c. 11) and is available on the HMRC website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.