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Code of practice on taxation for banks: annual report

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HMRC has published its latest annual report on the operation of the code, covering the period from 1 April 2015 to 31 March 2016. The report lists banks which have adopted the code, identifies any banks that have not adopted it and can name any bank that is found to be in breach of its code commitments. Findings of this report include:

  • 314 banks had adopted the code as at 31 March 2016;
  • two of the three banks that had not adopted the code as at 31 March 2016 have since adopted it;
  • none of the banks which had adopted the code by 31 March 2016 has been determined to be in breach during the period covered by this report; and
  • banks did not disclose any schemes under the DOTAS regime in the period of the report.

A revised version of HMRC’s consolidated guidance on the code includes new material on: the ‘intentions of parliament’; identifying the code population; its application to overseas entities; how HMRC will monitor compliance; and how the large business compliance strategy applies to banks which have adopted the code.

Read the report at http://bit.ly/2eBLWba.

Issue: 1331
Categories: News
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