HM Revenue & Customs (HMRC) data sharing measures are being taken forward in the Small Business, Enterprise and Employment Bill which was announced in the Queen’s Speech on 4 June 2014 and published on 25 June 2014.  The Government is seeking a power permitting HMRC to release non-financial VAT registration data for specific purposes (principally credit scoring) to a small number of qualifying parties (for example, credit reference agencies), and is seeking a power to make regulations (after consultation) to permit the release of exporter data as open data.

This is an important win for transparency and will lead to greater facilitation of SME financing through improved credit reporting.

To read the full brief click on this link: 140622 SBEE Bill data sharing – Revenue Customs Brief