Finance Act 2026
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Change 1
183 Information notices: financial institutions
(1) An officer of Revenue and Customs may by notice require a financial institution to provide information that is, in the opinion of the officer, reasonably required for the purposes of— (a) monitoring the compliance of a connected person with an anti-avoidance enactment, or (b) HMRC taking, or considering whether HMRC could take, action against a connected person under an anti-avoidance enactment. (2) A notice under this section must identify the connected person to whom it relates. (3) An officer of Revenue and Customs may not issue a notice under this section without the approval of the tribunal. (4) After issuing a notice under this section, an officer of Revenue and Customs must provide to the connected person identified in the notice— (a) a copy of the notice, and (b) a summary of the officer’s reasons for requiring the information. (5) Subsection (4) does not apply to the extent the tribunal is satisfied that taking the steps in that subsection might prejudice the investigation of tax avoidance. (6) In this section— “financial institution” means— a financial institution under the CRS other than one which is such an institution only because it is an investment entity within section 8(A)(6)(b) of the CRS; a person who issues credit cards; “CRS” means the common reporting standard for automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development, as that standard has effect from time to time.
183 Information notices: financial institutions
(1) An officer of Revenue and Customs may by notice require a financial institution to provide information that is, in the opinion of the officer, reasonably required for the purposes of— (a) monitoring the compliance of a connected person with an anti-avoidance enactment, or (b) HMRC taking, or considering whether HMRC could take, action against a connected person under an anti-avoidance enactment. (2) A notice under this section must identify the connected person to whom it relates. (3) An officer of Revenue and Customs may not issue a notice under this section without the approval of the tribunal. (4) After issuing a notice under this section, an officer of Revenue and Customs must provide to the connected person identified in the notice— (a) a copy of the notice, and (b) a summary of the officer’s reasons for requiring the information. (5) Subsection (4) does not apply to the extent the tribunal is satisfied that taking the steps in that subsection might prejudice the investigation of tax avoidance. (6) In this section— “financial institution” means— a financial institution under the CRS other than one which is such an institution only because it is an investment entity within section 8(A)(6)(b) of the CRS; a person who issues credit cards; “CRS” means the common reporting standard for automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development, as that standard has effect from time to time.
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