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Five banks adopted the code in 2016-17.
Most banks’ tax liabilities rose after the bank surcharge was introduced on 1 January 2016, according to HMRC’s 2016-17 annual report on the operation of the sector’s code of practice.
The further restriction on the use of carried-forward bank losses, which took effect from 1 April 2016, also increased their liabilities. They paid £1.1bn in bank surcharges and £4.8bn in corporation tax for 2016-17 compared with £3.2bn in the previous year.
Five banks adopted the code in 2016-17, bringing the total to 314. None of them has been in breach during the year and they did not disclose any schemes under the disclosure of tax avoidance schemes regime in the period of the report.
To read the report visit here.
