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Three consultations on proposals to tackle the black economy.
The black economy is being targeted in three consultations.
The first proposes extending HMRC’s bulk data-gathering powers to include data held by money service businesses (MSBs) relating to their customers’ identities and aggregate transactions. This would allow HMRC to check the accuracy of declarations that customers make about tax, and identify non-compliant customers who are using MSB services to hide their income.
It is also consulting on conditionality. This would make access to some business services or licences dependent on businesses being registered for tax.
Finally, HMRC is considering new penalties to tackle people operating in the hidden economy, including those who have already been penalised for non-compliance but have not changed their behaviour.
Comments should be emailed to here by 21 October.
