Tax Experts Slam HMRC’s Secret Bank Account Access Plan

  • HMRC proposes secret access to taxpayers’ bank accounts
  • David Redfern condemns the proposal as an invasion of privacy
  • HMRC can currently only access info with taxpayer consent or tribunal order
  • Financial institutions must notify customers of HMRC requests

The UK’s HMRC has faced criticism over a proposal that would allow secret access to taxpayers’ bank accounts for checking tax compliance. David Redfern, director of DSR Tax Claims, condemns the move as an invasion of privacy and calls for reconsideration. While HMRC can currently only access financial information with consent or a tribunal order, this proposal would grant them secret access. Financial institutions must notify customers of HMRC requests. Redfern warns that the plan extends HMRC’s powers in an intrusive manner and erodes civil liberties.

Factuality Level: 7
Factuality Justification: The article provides accurate information about the HMRC proposal and includes a critical perspective from a tax specialist. It presents relevant details without any clear signs of sensationalism or misleading information.
Noise Level: 3
Noise Justification: The article provides relevant information about a specific proposal by HMRC and includes opinions from a tax specialist. However, it lacks in-depth analysis or exploration of long-term trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: HMRC, financial institutions
Financial Rating Justification: The article discusses a proposal by HMRC that would impact how they access taxpayers’ banking information, which could affect the relationship between financial institutions and HMRC in terms of data sharing and potentially influence their operations. It also has implications for taxpayers and their privacy.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, but the proposal is considered an invasion of privacy and a potential erosion of civil liberties by some. However, it does not have significant impact or consequences.

Reported publicly: www.retailsector.co.uk