HMRC and Client Information

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Interesting news!

I guess it would affect Freetrade to the extent we received a third party notice from HMRC, which it seems we would be obliged to comply with.

I think that such requests would be relatively rare (compared to say, the average number of routine personal tax audits) and reserved for extreme cases where the subject of an investigation was being uncooperative. As you say, most people have nothing to hide and wouldn’t frustrate earlier requests by the tax man, so there would be no need for a third party notice.

Personal view on the proposed policy change - justifying what is clearly increased snooping powers on the basis of international consistency and ‘innovation’ :joy: in information sharing is uncomfortable. Tribunals are a function of the court system, and the role of the judiciary has always been to manage the relationship between individual and state - it seems entirely appropriate that a tribunal would be required to ensure the action is justified. But as with the mass digital surveillance laws that are either newly in force or incoming imminently, it only seems to be going one way in terms of personal privacy.