It’s a Good Day for Tax Payer Confidentiality
Chas Roy-Chowdhury recently gave a statement that we are better off now than we were earlier although ACCA would have not wanted the powers to be contemplated. A totally new power mindset will be applied where a taxpayer and HMRC would meet in person before HMRC could take money out of the taxpayer’s account remotely. These way susceptible tax payers can be recognized and guided.
He further stated that we appreciate the extension of 30 days from 14 days in the appeal process. Along with this another 30 days are granted to the taxpayer for the juridical review by the county court.
He also clarified that things on the DRD (Direct Recovery Debt) front will happen only when taxpayer has gone through these stages. Taxpayers’ secrecy is kept as the powers of inquiry are limited to bank and building society regarding account balance only. The previous practice of getting the entire activity for 12 months can no longer be demanded.
Even for the preferential creditors concern the HMRC has stated to follow the same policies as for others. In reality HMRC goes further and has agreed to pay back any money desisted prior to the business going into liquidation.
Chas Roy-Chowdhury concluded by stating that ACCA will put every effort to make sure that the Government does not attempt to reinforce the powers after these implementations. Our initial response was straightforward regarding criticisms in the actual proposals, consequently causing alteration in arrangements. Primarily, every issue that surfaced in regard to protection of Direct Recovery of Debt had our affirmation.