meta_id 3338306

On July 20, 2026, HM Revenue and Customs (HMRC) opened a technical consultation on draft legislation to improve the quality and consistency of third-party data it receives on interest income and card sales. The consultation proposes amendments to reporting requirements under Schedule 23 of the Finance Act 2026, which will establish new obligations for financial institutions, merchant acquirers, and payment facilitators to collect, verify, and report data to HMRC. The consultation covers draft secondary legislation, data schemas for interest income and card sales (replacing existing BBSI and OI data schemas), due diligence guidance, and notification procedures for relevant data-holders. HMRC aims to enhance its ability to match third-party data to taxpayer records, enabling digital prompts and nudges to help customers file accurate tax returns while improving compliance through better-targeted interventions. From April 6, 2028, in-scope data-holders must provide data on an ongoing basis without requiring a notice from HMRC, report data at set frequencies, collect and verify specific tax references from customers before submission, and register with HMRC before reporting. Data-holders must make reasonable efforts to obtain any missing required data. The proposals apply to banks, building societies, other financial institutions, merchant acquirers, payment facilitators, and relevant industry bodies. The consultation period closes at 11:59pm on August 20, 2026. Responses should be submitted by email to thirdpartydata@hmrc.gov.uk, with respondents indicating whether they are a business, individual, or representative body. Representative bodies should provide information on the number and nature of people they represent. Consultation documents, including draft legislation, data schemas, and guidance materials, are available on the GOV.UK website.