HMRC Banking Changes in 2009
HMRC have issued an initial notification that it will be moving its banking business from The Bank of England to RBS and Citibank during 2009. This change, which has been in prospect since 2008, is as a result of a decision made by the Bank of England to no longer offer retail banking and clearing facilities for government and other large corporate customers.
In 2008, Royal Bank of Scotland and Citibank won contracts to provide banking services to HMRC. The move to these retail banks will be phased in over 2009. As this happens, HMRC will update its website and published documents to notify taxpayers of the changes.
Most people will not need to take any action. This applies for example to businesses and individuals that receive repayments from HMRC.HMRC will transfer payment instructions and make repayments as before. Also where businesses and individuals pay by direct debit HMRC say they will continue to receive payments and no changes are requried. Equally for payments made by BillPay, Payslips or by post taxpayers will simply see that these contain the new details when they come into force, but will otherwise need do nothing different.
However, where payments are made by direct payment (transfer) using the internet or phone a new sort-code and account number for HMRC will need to be quoted once the banking changes take place. This will also affect any payments made by CHAPS or BACS. For the moment no changes are required and HMRC will issue further communications over the coming months.