Banks must sign anti-avoidance code: Osborne
Chancellor George Osborne says all 15 of UK's leading banks must sign charter by November, which will hold them to "being better taxpayers"
Chancellor George Osborne says all 15 of UK's leading banks must sign charter by November, which will hold them to "being better taxpayers"
Banks must sign up to a code of practice by November in efforts to ensure
they pay the right tax while the country tightens its belt on public spending,
George Osborne has said.
The
code
was presented as a statement of principles to provide a benchmark for corporate
behaviour in relation to tax planning and the banks’ relationship
with HMRC.
The chancellor said only four of 15 British banks have signed the code so
far, which was set up last year by the former Labour government to try to deter
tax avoidance schemes.
“We are going to be looking at the code of practice that the banks were
supposed to sign up to to make them good taxpayers,” Osborne told BBC
Television.
“I am going to be requiring by November that all the banks sign up to the
thing that the last government said they were going to be signed up to and pay
what is due.”
Further reading:
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleIn 2012, HMRC made 591 requests to foreign governments. In 2016, this number stood at 1096, a 7% increase on 1025 requests made in 2015 Read More...
View article