UK sets recurring interest and payment-card data reporting

Who reports and when

The regulations were made on 2 November, laid on 3 November and come into force on 1 March 2028. Relevant financial institutions must provide annual and quarterly data, while relevant merchant acquirers must report monthly. The first reporting periods begin in April 2028. Each return is due within 21 days after the relevant tax year, quarter or month ends, subject to the detailed start rules in regulations 3 and 4.^[1]

Data and operational duties

The instrument uses powers in Schedule 23 to the Finance Act 2026 and replaces individual notices for these datasets with standing duties. Reporting providers must submit in the form and manner HMRC specifies, carry out specified verification, notify HMRC before becoming obliged to report and keep relevant records for five years. HMRC's policy note says the regime will use identifiers such as National Insurance numbers and VAT registration numbers to improve matching. Failure to provide ongoing data can attract a penalty of up to GBP5,000, followed by penalties of up to GBP600 for each day of continuing failure after an assessment notice.^[1][2]

Preparation for 2028

UK banks, building societies and acquiring businesses within multinational groups should map which entities are relevant persons, assign responsibility for the advance notification, and plan data, onboarding and verification changes. HMRC expects the data to support pre-populated returns, more accurate PAYE coding and automatic registration in some cases. The immediate compliance change is for data suppliers: the regulations do not give customers a new tax-return deadline. The first phase covers interest and card sales; expansion to other datasets would require further consultation.^[1][2]