Can Inland Revenue look in my bank accounts?

lanmonkey

I have always wondered this, I’m not a tax crook or anything but I always assumed that the Inland Revenue / government can look in any bank accounts it likes.

Is this true?

Thanks

1984ReturnsForReal_2

if they have the smallest piece of evidence or intelligence, Yes & you wouldnt even know.

RubyBish

All banks have a legal obligation to submit a report detailing customers and the interest earnt and the tax deducted. This is known as an S17 report IIRC. HMRC will use these reports to match up against individuals and then pursue any discrepencancies directly with the individual.

How effective the matching process is, is debatable.

musehead

Can they look at individual transactions?

BruceyBonus

musehead wrote: »

Can they look at individual transactions?

If they have any evidence (or suspicion) of any wrong-doing, then yes they can.

cos69

musehead wrote: »

Can they look at individual transactions?

Don't remember what the limit is, but all transactions above the limit get flagged for potential money laundering activities. The limit varies, I think it may be £25k

Blah99

BruceyBonus wrote: »

If they have any evidence (or suspicion) of any wrong-doing, then yes they can.

Not without a warrant or court order, they can't. They can access the summary data (interest earned) etc but detailed transactions/balances are not free and open for inspection. Same goes for councils and other public bodies that might want to snoop on your records.

lanmonkey

Blah99 wrote: »

Not without a warrant or court order, they can't. They can access the summary data (interest earned) etc but detailed transactions/balances are not free and open for inspection. Same goes for councils and other public bodies that might want to snoop on your records.

This is what I always thought. I mean if it was that easy to look in someones bank account(s) there would be no benefit fraud.

Glad to know this is in fact the case.

Anyone got any links with details?

Thanks

Stavros_3

Schedule 1 production order within the Police and Criminal Evidence Act 1984, signed by a High court judge authorising officers to inspect bank accounts

lanmonkey

Stavros wrote: »

Schedule 1 production order within the Police and Criminal Evidence Act 1984, signed by a High court judge authorising officers to inspect bank accounts

wow, so they would have to have pretty strong evidence before they even consider asking a judge for permission to look in yoru bank accounts

Stavros_3

lanmonkey wrote: »

wow, so they would have to have pretty strong evidence before they even consider asking a judge for permission to look in yoru bank accounts

Absolutely