HMRC switches account to RBS

Date: 26th March 2009

HM Revenue and Customs (HMRC) has switched its account from the Bank of England to the Royal Bank of Scotland (RBS).

Tax planning will be needed for millions of individuals in the UK, who must now alter their payment details to accommodate the change.

As reported by the Telegraph, the department made the decision due to the Bank of England's recent move away from deposit services to national fiscal policy.

A spokesman for HMRC told the newspaper: "For many of our customers the changes will be invisible and there will be no need for them to carry out any action.

"This includes customers who make payments by direct debit and recipients of benefits such as child benefit and tax credits."

He added that all payments for the next year could be made into both the old and new accounts without risk of fines or delays.

Earlier this week, the department urged small businesses to file their Employer Annual Return online and receive a one-off reward of £75.