HMRC claim that no personal data, such as cardholder information or card numbers, will be collected. However, it will be able to acquire information relating to the number and value of transactions completed by any individual trader.
HMRC says it will analyse the data by cross-referencing and comparing with information it already holds to flag up and subsequently investigate noticeable differences.
Syria vote absentee David Gauke is quoted by economia:
“Tax evasion and the hidden economy cost the taxpayer £9bn a year. While the majority of traders are honest, they may find themselves undercut by the minority who seek to lower prices by cheating the tax system.The first requests for the data will be sent to merchant acquirers this week and from next year this will be an annual request.
The government has given HMRC nearly £1bn to tackle fraud and evasion, and these new powers give HMRC an extra tool to ensure a level playing field between businesses, and also reducing opportunities for those who try and cheat the system.”
Tax does have to be taxing.
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