Sector focus: Banks

This report on the UK banking sector is prepared by Freshfields Bruckhaus Deringer LLP. In particular it examines:

• the issues created by UK bank levy;
• the impact of international taxes, such as FATCA and financial transaction taxes;
• the reform of CFC and branch taxation;
• employment taxation issues;
• the relationship between banks and HMRC/government, including the GAAR, the code of practice and retrospective legislation; and
• potential future challenges.

It reflects comments received from a number of banking groups and also provides a perspective from the British Bankers’ Association in relation to a particular issue for UK tax teams.