ARTICLE · 28 JULY 2015

Weekly Tax Update - July 20, 2015

Smith & Williamson

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The summer Finance Bill 2015 and explanatory notes have been published:

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1 GENERAL NEWS

1.1 Summer Finance Bill 2015

The summer Finance Bill 2015 and explanatory notes have been published:

www.gov.uk/government/publications/summer-finance-bill-2015-legislation-and-explanatory-notes

www.publications.parliament.uk/pa/bills/cbill/2015-2016/0057/16057.pdf

1.2 Direct recovery of debts

A draft statutory instrument has been published concerning the implementation of the direct recovery of tax debts. It prescribes the information that must be provided by a deposit-taker to HMRC on receipt of an information notice or hold notice under the legislation that is due to become the second Finance Act 2015 Schedule 8. The prescribed information includes 'specified information' about persons with an interest in relevant accounts and 'account details' about relevant accounts.

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