On 31 May 2013 HMRC launched a consultation, seeking to strengthen its Code of Practice on taxation for banks (the ‘Code’). The core proposal is that HMRC will publish an annual report setting out all of those banks who are eligible to sign up to the Code, identifying those who have not committed to the Code and for those who have, stating whether they have complied with the Code.

Comments are sought (to be received by 16 August 2013) on the HMRC governance process by which non-compliance is determined and the nature of the report to be published by HMRC.

For the consultation document click here.