Commentary

A6.332B Providers of payment or intermediary services

Administration and compliance

A6.332B Providers of payment or intermediary services

A6.332B Providers of payment or intermediary services

Since the data-gathering powers were introduced in 2011, new payment methods and innovations have arisen through developments in the digital world. Provisions in Finance Act 2016 extend HMRC's data-gathering powers with effect from 15 September 2016 to include business intermediaries who facilitate transactions, particularly online, and electronic payment service providers who operate digital wallets, thereby future-proofing legislation to include emerging new data sources. Electronic stored-value payment services and business intermediaries were not explicitly specified as data-holders in FA 2011, Sch 23 as originally enacted and do not fall within any other existing categories of data-holder specified in the schedule.

The following are data-holders:

  1.  

    (a)     providers of electronic stored-value payment services1, who perform a similar function to merchant acquirers (see A6.332A), by operating 'digital

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