UK Code Of Practice On Tax For The Banking Sector

Extract

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UK Code Of Practice On Tax For The Banking Sector

Introduction

On 29 June, 2009, HM Revenue & Customs

("HMRC") in the UK published a draft

code of practice for the banking sector (the

"Code"). This was expected, following

the 2009 Budget.

The stated aim of the Code is to "change behaviours and

attitudes towards tax avoidance in the banking sector [and] to

encourage banks to comply with both the letter and the spirit of

the law". A senior officer, preferably at board level, of each

bank operating in the UK would be expected to sign the Code.

The UK Government believes that banks are uniquely placed in

relation to tax avoidance, in that they:

can seek to avoid their own tax liabilities;

provide financial services to customers, many of which services

are sensitive to tax and some of which can be used for tax

avoidance; and

have access to larg...

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