United Kingdom

Code of Practice on Taxation for Banks JULY 2009

1. BACKGROUND

Following the Chancellor's announcement in the 2009 Budget, Her Majesty's Revenue and Customs (HMRC) published a consultation document entitled ‘a Code of Practice on Taxation for Banks’ (hereinafter the ‘Code’) on 29 June 2009 (see <http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ConsultationDocuments&propertyType=document&columns=1&id=HMCE_PROD1_029639>). The Code seeks to challenge behaviours and attitudes towards what the Government perceives as tax avoidance in the banking sector.

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