Ian Hyde (Pinsent Masons) considers the practical consequences of HMRC’s latest report on the operation of the code of practice on taxation for banks.
HMRC has published its latest report on the operation of the code of practice on taxation for banks (‘the code’) covering the period from 1 April 2016 to 31 March 2017 (see bit.ly/2yMPKDT). The report reveals that none of the 314 banks that had adopted the ‘voluntary’ code at 31 March 2017 has been determined to be in breach of the code or had disclosed any schemes under DOTAS. However it warns: ‘There are a small number of banks where HMRC had or still has concerns over behaviour in relation to governance tax planning or the bank’s relationship with HMRC. A subset of these continue to push the boundaries of acceptable tax planning’ (para 2.5).
This suggests that although HMRC states that the...
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Ian Hyde (Pinsent Masons) considers the practical consequences of HMRC’s latest report on the operation of the code of practice on taxation for banks.
HMRC has published its latest report on the operation of the code of practice on taxation for banks (‘the code’) covering the period from 1 April 2016 to 31 March 2017 (see bit.ly/2yMPKDT). The report reveals that none of the 314 banks that had adopted the ‘voluntary’ code at 31 March 2017 has been determined to be in breach of the code or had disclosed any schemes under DOTAS. However it warns: ‘There are a small number of banks where HMRC had or still has concerns over behaviour in relation to governance tax planning or the bank’s relationship with HMRC. A subset of these continue to push the boundaries of acceptable tax planning’ (para 2.5).
This suggests that although HMRC states that the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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