Finance Act 2008

[F1 4A (1) An officer of Revenue and Customs may by notice in writing require a financial institution— U.K.

(a) to provide information, or

(b) to produce a document,

if conditions A and B are met.

(2) Condition A is that the information or document is, in the reasonable opinion of the officer giving the notice, of a kind that it would not be onerous for the institution to provide or produce.

(3) Condition B is that the information or document is reasonably required by the officer—

(a) for the purpose of checking the tax position of another person whose identity is known to the officer (“the taxpayer”), or

(b) for the purpose of collecting a tax debt of the taxpayer.

(4) In this Schedule, “financial institution notice” means a notice under this paragraph.

(5) A financial institution notice may be given by an officer of Revenue and Customs only if—

(a) the officer is an authorised officer of Revenue and Customs, or

(b) an authorised officer of Revenue and Customs has agreed to the giving of the notice.

(6) A financial institution notice must name the taxpayer to whom it relates.

(7) An officer of Revenue and Customs—

(a) must give a copy of a financial institution notice to the taxpayer to whom it relates, and

(b) must give the taxpayer a summary of the reasons why an officer of Revenue and Customs requires the information and documents.

(8) An application (without notice) may be made to the tribunal by, or with the agreement of, an authorised officer of Revenue and Customs to disapply any of the requirements under sub-paragraph (6) or (7).

(9) The tribunal must grant the application to disapply the requirement under sub-paragraph (6) if it is satisfied that the officer has reasonable grounds for believing that naming the taxpayer might seriously prejudice the assessment or collection of tax.

(10) The tribunal must grant the application to disapply a requirement under sub-paragraph (7) if it is satisfied that complying with the requirement might prejudice the assessment or collection of tax.]

Textual Amendments

F1 Sch. 36 para. 4A and cross-heading inserted (with effect in accordance with s. 126(9) of the amending Act) by Finance Act 2021 (c. 26), s. 126(2)