TaxCorporate TaxBanks must sign anti-avoidance code: Osborne

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"

George Osborne

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:

Read
the Reuters article

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