Bulk transfer of data to HMRC
HMRC have published information relevant to taxpayers who send large amounts of information to HMRC. The Secure Electronic Transfer (SET) service has been designed to replace the transfer of bulk information to HMRC by paper and by electronic copies saved on disks, CDs etc.
SET has been designed specifically for the transfer of bulk data and can currently handle transfers of up to 2gb. This is expected to increase to 10gb in the near future. HMRC have published the following list of returns which can be made using the SET service and plan to add to this list going forward.
|Section 16||Details of fees and commissions paid to non-employees for services rendered.|
|Section 17||Returns of interest paid by deposit takers in the normal course of their business. Excludes interest paid to:
1 Non–individuals outside the UK.
2 Individuals not resident in fully reportable countries.
|Section 18||Return of interest paid or collected on behalf of individuals resident in the UK and other fully reportable countries.|
|Section 25||Particulars of Capital Gains in respect of sales of stocks and shares, and also disposal of tangible movable property.|
|ESD||Report of savings interest paid or received on behalf of individuals/residual entities resident in prescribed territories as required by the European Savings Directive.|
|ISA||Reports of all ISA accounts open at 5 April plus accounts closed in year. Includes subscriptions and valuation information for each account.|
|CEC||Chargeable Event Certificates – UK insurers are required to issue chargeable event certificates, to policyholders and HMRC, reporting chargeable events within a fixed period of the event happening.|
|VCT||Reports of payment used to purchase holding in an approved Venture Capital Trust.|
Taxpayers who are interested in using the SET service should contact the SET specialist team on 01952 298 368 / 280 or emailSET.Security@hmrc.gsi.gov.uk. The use of the SET service involves an initial set-up and installation which typically takes around one man day spread out over a week or two.
The use of the SET service should have benefits for both HMRC and taxpayers, in amongst other things reducing the risk transferring physical data, increased security and allowing the data transfer to be tracked electronically.