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HMRC: Tackling the hidden economy: Extension of data-gathering powers

Card acquirers currently provide data to HMRC to help them collect the right tax from firms. The Government intends to extend HMRC’s data-gathering powers to more types of business, including:

  • Business intermediaries (advertising boards or platforms; app stores; booking and reservation intermediaries)
  • Additional payment providers (e.g. indirect payment service providers such as digital wallet providers)

UK Cards supports the proposed legislation, as this should ensure there is an equal regulatory burden (and therefore cost) across all payment providers. UK Cards also strongly suggests that the UK Government should work across all its departments and agencies to take a long-term view of its requirements from the payments industry, to minimise the overall impact on individual firms.

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