In a recent written ministerial statement, Jesse Norman (Financial Secretary to the Treasury) announced a number of actions being taken by HMRC following the issue of the House of Lords Economic Affairs Committee report entitled ‘HMRC Powers: Treating taxpayers fairly’. Further updates will be provided to the Committee later in the year.
Professional Standards Committee
Firstly, HMRC is establishing a new Professional Standards Committee. The Committee will be advised by a number of independent experts and will have a role in considering the issues relating to the implementation of HMRC powers amongst other things. Details of the Committee will be published in Autumn 2019.
Powers and Safeguards
Despite the House of Lords report recommending a full review of HMRC Powers, it has been decided that this is not necessary at this time. Instead, HMRC has been asked to evaluate the implementation of powers introduced since 2012. This is expected to include, HMRC’s powers under the General Anti-Abuse Rule, the Serial Tax Avoiders regime, Follower Notices and Accelerated Payment Notices, a voluntary Code of Practice on the taxation of Banks, the extension of offshore time limits and penalties in connection with offshore matters.
