House of Lords’ review of HMRC powers

There are many interesting observations in the House of Lords’ review of the new powers in Finance Bill 2021 though how much attention will be paid to it remains to be seen. Unless otherwise stated all quotes are from the House of Lords Economic Affairs Committee fourth report of session 2019-21 New powers for HMRC: Fair and proportionate? published on 19 December 2020 (tinyurl.com/holrepd20).

The review considered these measures introduced in Finance Bill 2021:

• tackling promoters of tax avoidance including the related calls for evidence on raising standards in the tax advice market and disguised remuneration schemes;
• amendments to HMRC civil information powers; and
• new tax checks on licence renewal applications.

The report also covered a new requirement on large businesses to notify HMRC of an uncertain tax treatment however this has been delayed until 2022 so we will not cover it in...