HMRC proposed debt recovery powers criticised
Leading trade organisations have criticised plans outlined by chancellor George Osborne to allow HMRC to take taxes directly from taxpayers’ bank accounts.
Under the Direct Recovery of Debts (DRD) scheme, HMRC would be granted powers to seize unpaid tax directly from individuals’ and businesses’ bank accounts without applying for court approval. HMRC has claimed that it will only target taxpayers who owe more than £1,000 and have sufficient funds to pay and still leave a minimum £5,000 buffer across all their accounts (including bank and building society accounts and ISAs).
When HMRC identifies a suitable account for DRD, it will first notify the bank or building society to freeze funds up to the value of the debt. The account holder will then be notified and will have 14 days from the date of notification to either pay by other means or object…
Click on the link below to read the rest of the IBB Solicitors briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from IBB Solicitors
Briefings from IBB Solicitors
An unknown number of patients across England and Wales may have been fitted with ‘mix and match’ hip replacements that could be wearing down too quickly.
A report produced by think-tank the International LongevityCentre UK has revealed that divorce rates among the over-60s are rapidly increasing.