HMRC given access to card transactions of all UK traders

Commercial Law Services Partner Jeremy LawsIn an effort to fight tax evasion, HM Revenue and Customs (HMRC) has been given new powers to obtain information on all the credit and debit card payments made to any UK business in the previous four years.

The data, which HMRC can now request from the UK’s merchant acquirers (the companies that process the transactions), includes details of the number and value of transactions, although details of card holders and card numbers will not to be disclosed.

The data will be cross-checked with the information HMRC already holds to find any discrepancies and expose fraud and tax evasion. The first requests for transaction data on UK traders have been sent to merchant acquirers this month, and from next year the requests will be made annually.

If your business is the subject of an HMRC investigation, contact Gaby Hardwicke Commercial Law Services Partner Jeremy Laws (pictured) for legal advice.

Posted: 17 September 2013

More news