The BSA, BBA, Association for Financial Markets in Europe and the Association of Foreign Banks send joint letter to HMRC.  They question whether the code needs "strengthening".

Major concerns include:

• the lack of an independent review process and the level of discretion about whether to act would give HMRC judicial powers.
• a conflict with the long-standing principle within the tax administration of maintaining taxpayers’ confidentiality.
• there can be reasonable differences in opinion over the interpretation of subjective concepts such as "spirit of the law" and "intentions of Parliament".

Click below to read the letter:

Trade bodies' letter to HMRC on code of practice