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Consultation Outcome Published 5 Dec 2016 HM Revenue & Customs ↗ View on GOV.UK

Tackling the hidden economy: extension of data-gathering powers to money service businesses

A consultation on extending HMRC’s powers to obtain additional data from money service businesses, to help tackle the hidden economy.

Opened 26 Aug 2016
Closed 21 Oct 2016
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This consultation is about a proposal to extend HMRC’s bulk data-gathering powers to include customer data held by money service businesses (MSBs). This data will help HMRC to identify non-compliant customers trading in the hidden economy.

The consultation invites views on the proposal and options for implementation, to ensure that it addresses the exploitation of MSBs by non-compliant customers to hide undeclared income, and minimises the compliance burdens on MSBs.