Taxes Management Act 1970 section 18C

Regulations under section 18B: provision about "paying agents"

Section 18C sets out what regulations made under section 18B may require of "paying agents" — those who make or arrange savings income payments — particularly regarding the collection, verification and reporting of information about the recipients of those payments.

• Regulations may require paying agents to obtain, verify and report to HMRC prescribed information about the identity and residence of relevant payees and the savings income payments made to them.
• HMRC may be given powers to inspect the books, documents and records of persons who are, or appear to be, paying agents.
• Paying agents are persons of a prescribed description who make savings income payments to others, and this can include public officers and government departments.
• Relevant payees are persons of a prescribed description who are resident in other EU member states or in territories that have entered into arrangements under section 18B(1)(b).