HMRC issue 2016 report on code of practice on taxation for banks

Released 10 February 2017

HMRC have published the annual report 2016 on the code of practice on taxation for banks. The report covers the period from 1 April 2015 to 31 March 2016.

The code of practice was first introduced in 2009 and strengthened in 2013, in particular to introduce more transparency. HMRC is required to publish an annual report on the operation of the code. The report lists banks that have adopted the Code, identifies any bank that has not adopted the Code and can identify any bank that is found to be in breach of its code commitments. The report also covers the work HMRC has done to monitor code compliance and how it addresses any arising concerns.

More details are available here.

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