VISA have issued information regarding changes to card processing security from September 2021. The idea is to reduce online fraud.

The changes will apply across Europe. A key part of the new security arrangements is the requirement for Strong Customer Authentication (SCA). This means you may be asked to provide additional information when making some purchases.

In their update VISA said:

Banks are introducing these new security measures for Visa cardholders who shop online or make contactless payments. This will help them ensure only you can use your Visa and give you even more confidence and protection when paying with Visa.

• Online: You may have to enter a passcode, which would be sent to your mobile phone or landline or authenticate your payment in another way, depending on how your Visa Card issuing bank has implemented the new security measures.
• In-store: For contactless purchases, you may be asked to enter your PIN more often.

You may be asked to take an additional security step to confirm you are you when making a payment using your banks’ chosen authentication method. Your bank will have informed you by now on how to do this. If they have not, please contact your bank.

Hopefully, this will give us even more confidence and protection when paying with a credit card, as all card issuers will need to mirror Visa’s changes to maintain a level, secure playing field.

The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have significantly weakened the link between coronavirus cases and hospitalisations and deaths. This has allowed the government to confirm that many COVID restrictions will be lifted in England on 19 July, known as Freedom Day. 

The main changes will see an end to social distancing, facemasks will no longer be mandatory, and the opening of all venues currently closed with no capacity limits. The Prime Minister stressed that whilst many official restrictions will be removed it is expected that we will exercise our own personal judgement regarding precautions we should continue to take. 

The press release from the Prime Minister’s office stated: 

'Limits on social contact will end, meaning there will be no restrictions on indoor or outdoor gatherings. Weddings, funerals and other life events able to take place without limits or restrictions.

All venues currently closed will be allowed to reopen, including nightclubs, and there will be no legal requirement for table service in hospitality settings.

Face coverings will no longer be legally required in shops, schools, hospitality, or on public transport although guidance will be in place to suggest where people might choose to wear one, such as where you come into contact with people you don’t usually meet in enclosed and crowded places.'

There are also expected to be changes to the requirement for fully vaccinated people to have to self-isolate if they are identified as having been in contact with someone who tested positive.

Relaxing restrictions as case numbers continue to climb is no doubt a risky move. It will be interesting to see if the public accept personal responsibility in dealing with the pandemic or if restrictions will need to be reintroduced at some future date.

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new report titled ‘Making better use of third-party data: a vision for the future’. The report sets out proposals for making better use of data held by third parties, such as reporting interest on savings and investments from banks directly to HMRC. 

Commenting on the report, the OTS Tax Director said:

‘The report considers the kinds of tax data individuals could find it helpful for third parties to automatically transfer to HMRC, and how this might best be embedded into the next stage of its work on the Single Customer Account.’

The report encourages the government to explore further and take forward this agenda, and to:

• ensure that data reported to HMRC by third parties is visible to taxpayers and their agents through the forthcoming Single Customer Account, and used to update tax codes and support the completion of individuals’ tax returns
• set out a clear roadmap of the stages through which changes would be consulted on and made
• consider the most effective choice of unique identifier to enable third party data to be readily and accurately matched with HMRC’s taxpayer records
• consult widely on the balance of responsibilities as between data providers, software providers, agents, taxpayers and HMRC
• ensure that HMRC have the necessary funding.

The new UK Infrastructure Bank has officially opened for business. The new bank, which is headquartered in Leeds, will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK. 

The establishment of the bank comes in the wake of the pandemic but is expected to result in a long-lasting public institution helping to drive growth across the UK.

The bank is to have an initial financial capacity of £22bn made up of £12bn in capital and £10bn in government guarantees. This is expected to unlock more than £40 billion of overall investment in local government lending and across the private sector. The bank will initially provide funding for the private sector and will start lending to local authorities later in the summer.

HM Treasury and the UK Infrastructure Bank have entered into a Keep Well Agreement to ensure that the Bank has sufficient funds to be able to meet its payment obligations in full as they fall due.

The new Chair of the UK Infrastructure Bank said:

'The new UK Infrastructure Bank is open for business. I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net zero ambitions.

I look forward to building strong partnerships with project sponsors, institutions and local leaders.'

HMRC has confirmed that the Agent Dedicated Line (ADL) that offers priority access to HMRC staff has been relaunched on a trial basis from 14 June 2021. 

HMRC has also made it clear that the ADL is not expected to be used to handle certain types of calls where digital services are available or where the pertinent information could have been obtained directly from clients. 

The ADL will be available Monday – Friday 8am – 6pm on 0300 200 3311 and calls are anticipated to be answered within 10 minutes. HMRC is also asking agents to space out their calls to the dedicated line throughout the day rather than phoning as soon as the helpline opens.

HMRC is also working to develop more digital services for agents, with a view to materially reducing their need to phone. This is expected to include changes to forms processing, agent authorisation processes and the agent income record viewer.