Corporate report

HM Revenue and Customs’ Financial Institution Notice powers

The second report on the use of Financial Institution Notices (FINs), covering 1 April 2022 to 31 March 2023.

• From: HM Revenue & Customs
• Published: 26 January 2023
• Last updated: 25 January 2024 — See all updates

Documents

Report on HM Revenue and Customs' Financial Institution Notice powers

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Details

Financial Institution Notice (FIN) legislation gives HMRC the power to require financial institutions to provide information to the department that it reasonably requires for the purpose of either checking the tax position of a known taxpayer or collecting a tax debt of the taxpayer.

The FIN was introduced to allow the UK to meet international minimum standards on the exchange of information for tax purposes.

HMRC does not have to obtain the approval of the independent tax tribunal or the consent of the taxpayer before issuing a FIN, but must comply with certain safeguards.

This report considers:

• the effectiveness of the FIN in improving HMRC’s international information request response times
• the impact of the FIN on financial institutions and customers including the number of notices issued

Previous reports

Previous years’ reports can be viewed on The National Archives website:

• the first report on the use of FINs covers 1 July 2021 to 31 March 2022

Published 26 January 2023
Last updated 25 January 2024 + show all updates

1. 25 January 2024

   Published report for 2022 to 2023 and archived the report for 2021 to 2022.

2. 26 January 2023

   First published.