The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
HMRC collects taxes needed to fund and deliver central government spending. With the extra investment in HMRC compliance activity since 2010, HMRC is tasked with raising ever higher additional revenue by tackling tax avoidance and tax evasion.
A series of initiatives have been launched since 2010 to achieve the revenue target, including campaigns and taskforce activity, but HMRC has also been given extra help in the form of increased legislative powers to collect data.
These data-gathering powers were introduced from 1 April 2012 to replace previous powers contained in TMA 1970. For a list of the previous legislative provisions, see CH28130. For background information on the introduction of the new data-gathering powers, see Simon’s Taxes A6.325 (subscription sensitive).
The data collected feeds into the analysis work conducted by the HMRC Risk and Intelligence Service and is thought to play a prominent role in determining which HMRC compliance activity.
Since introduction, the data-gathering powers have been extended on a number of occasions to include:
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