The code of practice proposed by Treasury to help crack down on tax avoidance
will undermine the UK as a financial centre, critics from city law firms have
told the Daily Telegraph.
Michael Wistow, head of tax at City law firm Berwin Leighton Paisner, said
that the code would make the UK ‘a less attractive place to do business, which
cannot be helpful in these most difficult times and will further damage the UK
as a major financial centre.’
The code stipulates that banks be expected to follow the ‘spirit of the law’
as defined by HM Revenue and Customs rather than legal precedent.
‘All taxpayers, including banks, should be able to rely on the courts and
Parliament alone,’ he said.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Drastically fewer offices for HMRC in the hope to reduce their running costs
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans
Many working in professional services have received honours this new year from the Queen