HMRC have extended their data collecting powers to keep up with changing technology and payment methods.

Sucessive finance acts (2011 to 2013) have given HMRC with the power to collect a wide range data about taxpayer financial affairs from individuals and businesses. Since 2013 HMRC has also been able to collect data on credit and debit card transactions to help them identify traders who are either not registered for tax or who are under-declaring their income. These bulk collection powers are in addition to HMRC's power to issue separate information notices under sch 36 FA 2008 to individuals and third parties who hold data on taxpayers.  

Further legislation was included in the Finance Act 2016, which gives HMRC a further extension to its bulk data collection powers to cover new payment methods such as digital wallets.  HMRC will also collect data from

Relevant data which HMRC can require includes the account holder’s

In addition, business intermediaries will be required to provide

Finance Act 2011 Schedule 23 sets out the data gathering powers and includes legislation relating to the form of the notice given to the data-holder, the penalties for non-compliance and appeals against the notices.

The legislation extending these powers is included in Finance Act 2016, section 176.