Explanatory note

Schedule 36 to the Finance Act 2008 contains powers for Her Majesty’s Revenue and Customs (“HMRC”) to require information and documents from a taxpayer or third party for the purpose of checking the taxpayer’s tax position. There are also powers for HMRC to require information from a third party for the purpose of checking another person’s tax position where that person’s identity is not known.

Paragraph 34B of Schedule 36 makes special provision in relation to requirements by HMRC for information about certain pensions matters. This provision includes a requirement that where HMRC requires information from a third party, a copy of the notice requiring the information is given to the scheme administrator in relation to a registered pension scheme or the responsible person in relation to an employer-financed retirement benefits scheme. However, under sub-paragraph (8) of paragraph 34B, this requirement does not apply where the third party is a prescribed description of person. These Regulations prescribe descriptions of persons for the purposes of that sub-paragraph.

A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.