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21 Feb 2011
BANKS COULD BE forced to reveal the extent of their corporation tax contributions as part of a parliamentary committee's review on the sector.
The Treasury select committee will consider asking the banks to extract payroll taxes from the wider tax bill, the Telegraph has reported. This followed reports over the weekend about Barclays paying £113m in corporation tax out of a total tax bill of £2bn in 2009. The bank made £11.bn profits that year.
The annual reports of the partially state-owned banks – including Royal Bank of Scotland and the Lloyds Banking Group – are expected this week. Experts have said that their corporation tax will be lower because of the losses incurred through the unravelling of their toxic assets.
Former Liberal Democrat Treasury spokesman Lord Oakeshott said he would ask HM Revenue & Customs to reveal the extent to which the banks adhere to the code.
The select committee's report on greater competition in the banking sector is expected shortly.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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