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HMRC have published a consultation document aimed at strengthening the code of practice on the taxation of banks, which has been adopted by 262 organisations since its introduction in 2009.
The condoc describes the approach expected of banks with regard to governance, tax planning and engagement with the Revenue, and discusses how the long-term effectiveness of the enhanced code can be ensured.
HMRC have published a consultation document aimed at strengthening the code of practice on the taxation of banks, which has been adopted by 262 organisations since its introduction in 2009.
The condoc describes the approach expected of banks with regard to governance, tax planning and engagement with the Revenue, and discusses how the long-term effectiveness of the enhanced code can be ensured.
Among its proposals is a requirement for banks to confirm or re-confirm unconditionally their commitment to their obligations set out by the code.
Legislation in Finance Bill 2014 will enact the recommendations, which include a published list of the banks that have newly adopted or re-adopted the code, and an annual report from 2015 that will cover the operation of the code and include a list of the banks that have adopted it and those that have not.
Comments on the document should be submitted by email no later than 16 August.
