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Following a last-minute administrative push by HMRC, the top 15 banks operating in the UK have adopted the code of practice on taxation, which was introduced by the Revenue in July 2009.
Only four financial institutions had agreed to the code by 17 October 2010, when the Treasury instructed the taxman to ensure that all the major banks be signed up by the end of last month.
The code states that its adherents should have strong governance around tax, which is integrated into their business decision-making; they should follow the spirit of the law in addition to the letter – by not undertake tax planning to achieve results that are contrary to the intentions of Parliament, for instance – and HMRC and the banks should work together to encourage mutually open and transparent relationships.
The banks are:
- Bank of America/Merrill
- Barclays
- Citigroup (Citibank)
- Credit Suisse
- Deutsche Bank
- Goldman Sachs
- HSBC
- JP Morgan Chase
- Lloyds Banking Group
- Morgan Stanley
- Nationwide Building Society
- Royal Bank of Scotland
- Santander
- Standard Chartered
- UBS
