HM Revenue and Customs
HMRC agrees approach to information sharing
HMRC, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) agree approach to sharing of information and expertise.
HM Revenue and Customs (HMRC), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a letter and annex, sent to the Chancellor, Andrew Tyrie and Lord Lawson, that sets out how they intend to share information and expertise within the existing rules.
Read the HMRC, PRA and FCA letter to the Chancellor 7 November 2014(PDF, 327KB, 7 pages) .
The agreement has been reached following the Parliamentary Commission for Banking Standards (PCBS) recommendations that:
- the Prudential Regulation Authority and Financial Conduct Authority (collectively “the Regulators”) and HMRC jointly publish a paper setting out how they intend to bring about sharing of information and expertise within the existing rules
- the PRA consider using its powers to commission reports on a specific function of a bank’s business on behalf of HMRC
- the National Audit Office undertake a periodic review of how effectively the PRA uses its powers to promote information sharing
Regular meetings will take place between the three organisations to ensure the above recommendations are being progressed, with the first scheduled to take place during the first quarter of 2015.
Latest News from
HM Revenue and Customs
It’s time to register for Self Assessment, says HMRC19/09/2023 11:10:00
Registering for Self Assessment is an essential requirement for people with an untaxed income.
Almost 430,000 young people urged to claim their cash18/09/2023 15:20:00
Hundreds of thousands of young adults could have an average of £2,000 waiting for them in their unclaimed Child Trust Fund account.
Families urged to boost their back-to-school budget with Tax-Free Childcare30/08/2023 12:15:00
With the new school term starting, HM Revenue and Customs (HMRC) is reminding families to open a Tax-Free Childcare account today to save up to £2,000 per child on their yearly childcare bills.
Phased approach to CDS export migration announced23/08/2023 12:20:00
An update on the implementation of the Customs Declaration Service (CDS) and the transition from the Customs Handling of Import and Export Freight (CHIEF).
One week left to extend Child Benefit claim for teenagers22/08/2023 15:20:00
Child Benefit automatically stops when children reach 16 but it can be claimed for children continuing their education or training.
Do you need to complete a Self Assessment tax return this year?15/08/2023 11:10:00
Taxpayers who are unsure if they need to submit a Self Assessment tax return can use HMRC's online tool to help them work out what they need to do.
HMRC late payment interest rates to be revised after Bank of England increases base rate07/08/2023 15:20:00
HMRC interest rates for late payments will increase following the Bank of England interest rate rise to 5.25%.
London landmark tax avoidance scheme named03/08/2023 09:05:00
A tax avoidance promoter based in The Shard has been exposed by HM Revenue and Customs (HMRC) with users warned to withdraw or risk large tax bills.