Clause 11
6:45 pm
Mark Hoban (Shadow Minister, Treasury; Fareham, Conservative)
I beg to move amendment 34, in clause 11, page 5, line 34, leave out from ‘within’ to end of line 34 and insert ‘one month’.
The amendment is straightforward. The clause concerns the return of information to Her Majesty’s Revenue and Customs and subsection (4) is about the payment from HMRC to the account provider to reimburse them for the maturity payment. We are keen for account providers to make prompt payment to account holders, but it would be nice for a similar requirement to be placed on HMRC, so that the account providers—some of which could be relatively small operations such as credit unions—are not out of pocket for too long. That is why we propose that the payments be made within one month. It is a perfectly reasonable obligation to impose on HMRC, given that it would be keen to make sure that the account providers themselves cough up quickly to account holders.