The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Since 18 November 2015, HMRC has had the ability to instruct banks and building societies to deduct amounts to settle taxpayers' tax debts directly from their bank accounts.
Ever since this proposal was first announced in Budget 2014 it has been referred to as ‘direct recovery of debts’ (DRD). While the legislation uses the term 'enforcement by deduction from accounts', this guidance note refers to the provisions as DRD, as this is the term with which advisers are more familiar.
This guidance note discusses the DRD provisions as they apply to individuals.
Broadly, the DRD process (discussed in detail below, along with the meaning of the important terms) can be summarised as follows:
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login