HMRC new powers

Lords criticise ‘flawed’ plan to give HMRC extra tax powersThe Lords Economics Affairs Committee says proposed powers allowing HMRC to force financial institutions to divulge information about people’s assets without court approval are “flawed”, voicing concern over the removal of taxpayer safeguards. The measures, to be included in the 2021 Finance Bill, are "poorly targeted, disproportionate and lacking necessary safeguards", the committee said. Meanwhile, the committee welcomed plans to give HMRC tougher powers to go after promoters of tax avoidance schemes.