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The UK is currently undergoing peer review by the global forum on transparency and exchange of information for tax purposes.
The assessment team carrying out the review has concluded that HMRC’s powers do not allow the UK to exchange information to the international standard under the country's network of tax treaties.
The international standard requires a jurisdiction to exchange information in response to a valid request from an overseas revenue authority where the taxpayer is identified, whether by name or by other identifying detail. Finance Act 2008, Sch 36 does not currently provide for identification when the taxpayer’s name is not provided.
To make the UK’s legislation compliant, the Revenue has published a consultation document entitled Modernising Powers, Deterrents and Safeguards: Bringing HMRC’s Information Powers into Line with International Standards for Tax Information Exchange.
This condoc concerns ways to ensure HMRC can collect information in specific cases in which the full identity of the taxpayer is not known but can be ascertained by reference to other data.
Responses should be made no later than 29 September 2011 and sent by email or post: Review of Powers, Room 1.72, 100 Parliament Street, London SW1A 2BQ.
