HMRC don’t have the power to raid bank accounts – Yet!
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 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 debtor’s name, but not those in the spouse’s sole name.
ADDITIONAL BUDGET ON 8TH JULY
Following the Election result on 8th May, the Chancellor has announced that there will be a second Budget on the 8th July. We expect this to include a number of Conservative manifesto tax pledges, we will keep you updated as it happens via our Twitter account and will put together a summary on our blog.
If you are concerned how these changes may affect you and want to know more please get in touch or call 0161 249 5040