§ Baroness Noakesasked Her Majesty's Government:
Whether the Inland Revenue or HM Customs and Excise are able to supply details of taxpayers' affairs on an individual named basis to the Financial Reporting Council or any of the bodies controlled by it; if so, what information may be provided; and under what statutory authority. [HL348]
§ Lord McIntosh of HaringeySection 11 of The Companies (Audit, Investigations and Community Enterprise) Act 2004 provides a gateway that permits the Inland Revenue to disclose on a case by case basis information to the Financial Reporting Review Panel (FRRP), a subsidiary body of the Financial Reporting Council (FRC), that raises a question about the compliance of company accounts with the requirements of the Companies Act. The FRRP may only use the information to consider and investigate a company's position and, if appropriate, seek an application to the court with regard to defective accounts.
The gateway restricts the onward disclosure of any information provided and applies a criminal sanction for unauthorised disclosures. Customs and Excise do not have a legal authority to permit disclosure of 118WA information held by them to the Financial Reporting Council or any of the bodies controlled by it.