Independent regulation of HMRC by the Bank of England, and HMRC conduct by the FSA

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Independent regulation of HMRC by the Bank of England, and HMRC conduct by the FSA

Additional Information

1. To pass responsibility for prudent regulation of HMRC to the Bank of England, together with responsibility for HMRC sector conduct to be passed to the Financial Services Authority.

2. When the Financial Conduct Authority (FCA) takes responsibility for financial sector conduct of Banking, the HMRC sector conduct be transferred to it.

3. Where taxes have been levied illegally and/or overpayments made, HMRC is required to accept claims for a period of 50 years and provide all reasonable assistance to those submitting claims. HMRC is specifically instructed not to introduce regulations/legislation meant to hinder the return of such monies to taxpayers, without the express written permission in each claim by the Chancellor of the Exchequer of the day. This 50 year term will be applied retrospectively from the date of the passing of this legislation, as it is totally unacceptable to misappropriate citizens' property, irrespective of the length of time passed.

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