Income Tax Act 2007 section 750

Restrictions on particulars to be provided by banks

Section 750 limits HMRC's power to require banks to disclose information about their customers' ordinary banking transactions in the context of the transfer of assets abroad rules, while setting out two exceptions where disclosure can still be required.

• Banks are generally protected from having to provide HMRC with details of ordinary banking transactions carried out with customers in the normal course of business.
• This protection is removed where the bank has acted for the customer in creating a settlement that results in income being payable to a person abroad, or in carrying out the trusts of such a settlement.
• The protection is also removed where the bank has acted for the customer in forming or managing a closely-held company whose business does not consist wholly or mainly of carrying on a trade or trades.
• In Scotland, references to the trusts of a settlement are read as references to the purposes of the settlement.