UK Unveils Expanded HMRC Powers in £1 Billion Tax Avoidance Crackdown
Chancellor Rachel Reeves proposes reforms to savings tax rules, including 20-year data access and potential cash ISA changes, to address fiscal challenges.
- The UK government plans to grant HMRC access to up to 20 years of financial data in suspected tax evasion cases, aiming to recover £1 billion in unpaid taxes.
- Banks and building societies may be required to provide more detailed and compatible data, including National Insurance numbers, to improve tax collection accuracy.
- The personal savings allowance remains frozen at 2016 levels, increasing tax burdens for millions of savers as higher interest rates bring more into the tax net.
- Proposed reforms to cash ISAs could reduce the tax-free allowance, encouraging retail investment in equities but raising concerns for savers relying on cash savings.
- Critics warn the measures risk privacy infringements and errors in tax collection, with some describing the expanded HMRC powers as overly intrusive.
The Telegraph 
The Independent 
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