The Revenue is set to move its banking business from its existing bankers, the Bank of England, to the Royal Bank of Scotland (RBS) and Citi.
The change, scheduled for later this year, is a result of the Bank of England's strategic decision in 2004 to withdraw from the provision of retail banking and clearing services, to concentrate on its core responsibilities.
The banks and HMRC have planned the timetable for moving banking business, and the actual transfer of the work will be phased throughout 2009.
The Revenue will update the Paying HMRC information throughout 2009 as the transfer of the banking business takes place.
People who receive payments from the taxman need do nothing, as the Revenue will continue to pay what is due.
With regard to making payments to HMRC, any action that taxpayers may need to take will be based on how they pay the department, as shown below.
- Direct debit – no action required.
- Direct payment (using the internet or telephone) – a new sort code and account number will need to be quoted to the payer’s bank or building society once HMRC have moved to the new banks. This will cover payments made by CHAPS or BACS. HMRC will inform taxpayers when such action needs to be taken.
- BillPay – no action required.
- Paying the Revenue via bank/building society/post office – taxpayers should continue to use the payslips provided by the taxman.
- Post – taxpayers should continue to post payments to HMRC in the same manner as previously.
