UK Budget Allows Bank Accounts To Be Raided

Tuesday, April 1, 2014
By Paul Martin

By Mark O’Byrne
GoldCore.com
Apr. 1, 2014

Geo-political risk is, for the moment, again being ignored however the smart money is remaining diversified in anticipation of further tension between Russia and the West, in the Middle East and in the Far East.

UK Bank Accounts Can Be Raided After Budget
HM Revenue & Customs will be able to directly access taxpayers’ bank accounts in order to recover unpaid tax, under measures announced in this month’s Budget speech.

The little noticed move gives HMRC similar powers to raid bank accounts and recover tax and tax credit debts in excess of £1,000.

In the Budget Red Book, the measure is described as follows:

“The government will modernise and strengthen HMRC’s debt collection powers to recover financial assets from the bank accounts of debtors who owe over £1,000 of tax or tax credit debts, have the financial means to pay, and have been contacted multiple times by HMRC to pay.”

At the moment, if HMRC want to seize your property or cash, they have to take you to court, win and then get a court order. Now, after a couple of warning letters and a phone call, they can do it in conjunction with your bank, with a touch of a button.

Crucially, there’s no safeguard built into this system. There should be a transparent and fair process and an appeals process.

The Rest…HERE

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