Commentary Section 11 Returns of information to HMRC
67.This section concerns the information to be provided to HMRC by persons who are, or were, approved account providers.
68.Subsection (1) provides that regulations may place a requirement on approved account providers, or persons who were approved account providers, to submit an information return to the Commissioners concerning Saving Gateway accounts, or former Saving Gateway accounts.
69.Subsection (2) provides that the regulations may specify the information to be included in a return; the form of a return; the period to which a return relates; and the period within which a return must be submitted to the Commissioners. Subsection (2)(e) provides that regulations may set out how a return is to be submitted, which may include a requirement that returns be made by electronic means under the provisions of section 135 of the Finance Act 2002(10), with or without modifications.
70.Section 135 of Finance Act 2002 provides authority for the Commissioners to make regulations requiring electronic communications to be used by specified persons to deliver specified information relating to a taxation matter. The regulations in Part 10 of the Income Tax (Pay As You Earn) Regulations 2003(11), which make Pay As You Earn online filing and payment mandatory for large employers, are made partly in exercise of the powers granted by section 135 of Finance Act 2002. As the powers conferred on the Commissioners by section 135 are limited to “taxation matters” they could not be used in relation to information returns on Saving Gateway accounts. Section 11(2)(e) therefore allows regulations to be made applying provisions made under section 135, with or without modifications, to Saving Gateway information returns.
71.Subsection (3) sets out that regulations may provide for a return to include a claim by the approved account provider for payment of an amount equal to maturity payments due to account holders, and death payments due to the personal representatives of deceased account holders, as well as information about the calculation of this claim.
72.The Government intends to require in regulations that account providers must submit to HMRC a monthly return and claim containing specified information. This return and claim should be submitted by electronic means, within 14 days of the end of the month to which it relates.
73.Subsection (4) provides that the Commissioners must pay any amount claimed in accordance with regulations made under subsection 3(a) within a period to be specified in regulations. The Government intends to specify in regulations that this period will be 7 days from the due date for the claim, subject to any checking and correction of the claim that might be necessary.