What was the purpose of section 24 of the Taxes Management Act 1970?

Section 24 originally gave HMRC the power to require information about income derived from securities, such as dividends from shares or interest from bonds and loan stock. It was a standalone provision enabling HMRC to demand details of taxpayers' investment income from financial instruments under United Kingdom tax law.

Why was section 24 of TMA 1970 repealed?

Section 24 was repealed by Finance Act 2011, Schedule 23, as part of a wider consolidation exercise. Numerous older standalone information-gathering powers scattered throughout tax legislation were replaced by a single modernised set of data-gathering powers, creating a more unified and streamlined framework for HMRC information requests.

How does HMRC now obtain information about income from securities after the repeal of section 24?

HMRC now uses the general data-gathering powers contained in Schedule 23 to the Finance Act 2011 to obtain information about taxpayers' income from securities. The practical effect remains the same — HMRC can still request the information — but the legal basis has changed from the former section 24 to the modernised framework.

Were there transitional provisions when section 24 was repealed?

Yes, transitional provisions were included under Schedule 23 to the Finance Act 2011, specifically paragraphs 50 and 65(1)(b) and (2). These provisions managed the changeover from the old information-gathering rules under section 24 to the new data-gathering regime, ensuring continuity during the transition period.

Taxes Management Act 1970 section 24

Power to obtain information as to income from securities

Section 24 has been repealed and is no longer in force, having been superseded by the data-gathering powers introduced by Finance Act 2011.

Section 24 originally gave HMRC the power to require information about income derived from securities
The section was repealed by Finance Act 2011, Schedule 23, which introduced modernised data-gathering powers
The new provisions under Schedule 23 replaced several older information-gathering powers, including this one, with a more unified framework
Any requirements for information about income from securities are now handled under the broader data-gathering regime in Finance Act 2011

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