Commentary

A6.332C Money service businesses

Administration and compliance

A6.332C Money service businesses

A6.332C Money service businesses

Following consultation1, the definition of data holders within HMRC's bulk data-gathering powers is extended to money service businesses (MSBs), which were not explicitly specified as data-holders in FA 2011, Sch 23 as originally enacted2. This legislation is intended to allow HMRC to more effectively identify businesses and individuals who disguise income by exploiting services offered by MSBs, particularly through cash-based transactions. It applies from 16 November 2017, but to relevant data with a bearing on any period, whether before or after that date. No additional data or record keeping requirements are imposed on data holders.

A money

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