Explanatory note

These Regulations prescribe information for the purposes of Schedule 8 to the Finance (No.2) Act 2015 (2015 c.33) (“the Schedule”). One of the requirements of the Schedule is that information that has been prescribed in regulations must be given by a deposit-taker to HMRC in certain specific circumstances.

Regulation 3 provides that these Regulations apply to information which is, in the possession of a deposit-taker, or immediately available to it, and describes the account or, as the case may be, person, at the relevant time.

Regulation 4 prescribes the categories of information that must be provided by a deposit-taker to HMRC on receipt of an information notice under paragraph 3 of the Schedule. Regulations 5 and 6 prescribe the information which must be provided by a deposit-taker to HMRC on receipt of a hold notice under paragraph 4 of the Schedule. In both cases the prescribed information includes “specified information” about persons with an interest in the relevant accounts and “account details” about relevant accounts; these concepts are defined in regulation 2.

A Tax Information and Impact Note covering this instrument was published on 8th July 2015 and is available on the HMRC website at https://www.gov.uk/government/publications/direct-recovery-of-hm-revenue-and-customs-debts-from-debtors-bank-and-building-society-accounts. It remains an accurate summary of the impacts that apply to this instrument.