Introduction Details of the Section
2.Subsection 1 amends Schedule 23 to Finance Act 2011 (FA 2011) to include merchant acquirers and similar bodies as a new category of relevant data-holder. Accordingly, it enables HMRC to issue notices to merchant acquirers to obtain bulk data about businesses using their services.
3.The existing provisions and safeguards of Schedule 23 FA 2011 apply to the new power for HMRC to obtain data from merchant acquirers.
4.Subsection 2 provides that, following these changes coming into effect, data can be required which relates to periods before the law comes into effect. This approach follows that taken for Schedule 23 FA 2011 and is subject to the time limits in Schedule 23.