HMRC has issued a consultation document.
They are looking to extend the scope of existing powers to include MSBs. The data-gathering powers are used to help identify businesses that are evading tax.
In a nutshell, MSBs will be expected to provide regular ‘bulk’ data on customers and transactions.
The consultation document asks 11 questions of the industry.
I would strongly recommend that MSBs take this opportunity to read the document and put their concerns to HMRC either singly or through their trade associations.