HM Revenue & Customs (HMRC) are seeking the power to recover unpaid tax over £1,000 from taxpayers’ private bank accounts and legislation was originally going to be included in the 2015 Finance Act. However, the new measures were not included in the first Finance Act but they may be included in the next one.
This new power will only be used where the taxpayer has ignored several demands for payment. Additionally, the taxpayer’s bank account should not be reduced below £5,000 by HMRC. If enacted, this proposed new power will extend to joint bank accounts in the tax debtors name, but not those in the spouse’s sole name.
To learn more about this, or if you have any tax related questions, contact our Tax Specialists on 01228 711888 or email firstname.lastname@example.org.