UK’s top banks sign up to tax avoidance code

THE TOP 15 banks in the UK have all signed up to a government code of practice on reducing tax avoidance, according to deputy prime minister Nick Clegg., after being threatened with tough tax inspections.

Following its launch in June last year by former chancellor Alistair Darling, just four of the banks had signed up to the code by October.

Current chancellor George Osborne told the remaining banks that those who refused to sign up would face more intrusive inspections from the taxman, giving them until the end of November to do so.

Related reading