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UK Issues Three Consultation on Proposals to Tackle the Hidden Economy

31 August 2016

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Proposed Changes

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United Kingdom

On 26 August 2016, UK HMRC issued three consultations on proposals to tackle the hidden economy, promote tax compliance and create a level playing field for UK business. The consultations are as follows: Tackling the hidden economy: extension of data-gathering powers to money service businesses, which seeks views on a proposal to extend HMRC’s bulk data gathering powers to include data held by money service businesses (MSBs) relating to their customers’ identities and aggregate transactions through an MSB to allow HMRC to better check the accuracy of declarations that customers make about tax; Tackling the hidden economy: conditionality, which seeks...