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Banks' Tax Avoidance Targeted By UK Government,
by Robert Lee, Tax-News.com, London
Thursday, July 02, 2009
The UK government has published a consultation document on a code of practice
on tax for banks.
According to the Treasury’s announcement, the code sets out “the
behaviours the government expects from banks in the management of their tax
affairs” and in their relationship with HM Revenue and Customs (HMRC),
including governance, tax planning and the relationship between banks and HMRC.
“While banks play a vital role in the UK and are important contributors
of tax, it is clear that many continue to be involved in tax avoidance that
goes well beyond reasonable tax planning,” said Financial Secretary to
the Treasury Stephen Timms. “This code is part of our work to minimise
tax avoidance and ensure that large businesses such as banks have a clear understanding
of the behaviours the tax authorities expect from them.”
“As part of the consultation we will be talking directly with banks to
develop a shared understanding of the principles that underpin the code and,
in particular, what it will mean in practice for banks,” Timms continued.
“This is vital to ensuring that the code plays a part in changing the
behaviour of banks and in turn minimising the loss to taxpayers through tax
avoidance.”
The Code of Practice will be introduced in the Autumn of 2009. In the meantime,
the government has opened a consultation exercise which will run until September
25, 2009.
Feedback is being sought on a range of issues, including introducing and complying
with the code, how uncertainties arising in interpreting the code could be dealt
with and what support banks can expect from HMRC in return. The government and
HMRC will be speaking directly with banks operating in the UK to develop a “shared
understanding” of the principles and implications of the code.
The Chartered Institute of Taxation (CIOT) welcomed the consultation and the
fact that the code is designed to ensure that banks follow the ‘spirit’,
rather than the letter, of tax law.
“The CIOT’s initial view is that much of the code reflects good
governance and the need for an open and transparent relationship with HMRC which
we support,” the Institute commented. “However, the CIOT would prefer
that the process of making tax law is improved so that it is clear to all what
the intention of Parliament was and so codes seeking to establish what the intention
might be are unnecessary.”
Peter Fanning, CIOT Chief Executive, added: "Defining the purpose of established
law can be very difficult. The quantity of HMRC guidance is ample proof of this.
Even in law, not everyone agrees. The challenge is to decide who decides what
the ‘spirit’ of the law is and how they decide it.”
Fanning concluded: “If future tax law is clear then following its ‘spirit’
will be much easier but establishing the ‘spirit’ of previous complex
legislation will be a challenge.”
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