I am not by any means a supporter of this bill, but I think there is some misinformation in the piece. ISPs are not being 'paid to collect data' so much as required by the statute to retain the data, and their costs for so doing are to be reimbursed by HMG. Access to the data will require, I think, either a court order, or an order from the Home Secretary or similar. The HMRC access is, I believe, to help track down money laundering.
I'm opposed to it partly on principle, but mainly because mission creep is inevitable, as are breaches of security, and it is a sledgehammer to crack a nut. Sure, there is a threat from terrorism, and increasing use of encryption in communications is a headache for security services, but if we allow the threat of terrorism to erode our civil liberties, freedoms and privacy to this extent, then the terrorists have won, because the values and freedoms of this nation they seek to undermine are well on their way down the toilet.