Industry response

Joint letter to HMRC on plans to strengthen code of practice on taxation for banks

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