Unsafe HMRC data put investments of £60bn at risk
Lack of data security at HMRC has triggered fresh fears of data fraud, putting £60bn worth of investments at risk
Lack of data security at HMRC has triggered fresh fears of data fraud, putting £60bn worth of investments at risk
In Partnership With
The trade body representing individual savings account (Isa) and personal
equity plan (Pep) managers has written to
HM Revenue & Customs
(HMRC), calling for tighter security as a matter of urgency, after learning HMRC
requires data discs to be unencrypted.
Richard Saunders,
Investment Management
Association (IMA) chief executive, told The Daily Telegraph he was
still waiting for a reply from HMRC to a letter he wrote a week ago to Dave
Hartnett, HMRC chairman, stating: ‘There have been at least two recent instances
where data has been compromised, one of which involved Pep and Isa data
belonging to a number of firms.’
HMRC requires fund managers to submit details every year of all investors’
names, addresses, dates of birth, national insurance numbers and the amounts
each invested in Isas and Peps, with the aim to prevent investors exceeding
limits on Isa and Pep tax shelters.
But fund managers are alarmed HMRC requires this data to be delivered in an
unencrypted extended binary coded decimal interchange code (EBCDIC) or American
standard code for information interchange (ASCII) text format.
Further reading:
Under half of IT managers using encryption
Read
story in The Daily Telegraph
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article