Tax Credits Act 2002 section 40

Annual reports

Section 40 requires HMRC to produce an annual report on tax credits for the Treasury, covering awards made, enquiries conducted, penalties imposed, and enforcement actions taken.

• HMRC must submit an annual report to the Treasury covering key tax credits statistics.
• The report must include the number of child tax credit and working tax credit awards, and the number of enquiries carried out under the formal enquiry powers.
• The report must also state the number of penalties imposed and the number of prosecutions and convictions for tax credits offences.
• The Treasury must publish the report and lay a copy before each House of Parliament.