HM Treasury
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Top 15 banks sign Code of Practice
The Government today announced that the top fifteen banks operating in the UK have adopted the Code of Practice on Taxation.
As at the 17 October 2010, only four out of the top fifteen banks
had adopted the code since its introduction in 2009.
The
Treasury therefore asked HM Revenue & Customs (HMRC) to
ensure that all the major banks signed up by the end of November 2010.
The top 15 banks that have adopted the code are:
* BANK OF AMERICA/MERRILL
* BARCLAYS
* CITIGROUP
(CITIBANK)
* CREDIT SUISSE
* DEUTSCHE BANK
* GOLDMAN
SACHS
* HSBC
* JP MORGAN CHASE
* LLOYDS BANKING
GROUP
* MORGAN STANLEY
* NATIONWIDE BUILDING SOCIETY
*
ROYAL BANK OF SCOTLAND
* SANTANDER
* STANDARD
CHARTERED
* UBS
The code of practice states:
* banks should have strong governance around tax, which is
integrated into their business decision making
* they should
follow the spirit of the law in addition to the letter - this
means banks can undertake tax planning to support their business
operations, but this should not be used to achieve tax results
that are contrary to the intentions of Parliament
* HMRC and
the banks should work together to encourage mutually open and
transparent relationships
The Chancellor of the Exchequer George Osborne said:
"A year ago, the previous Government announced that
it would require banks to sign up to the Code of Practice on
Taxation. At the start of October this year only four out of the
top fifteen had done so. I said that this was unacceptable and I
gave them a deadline of end of November 2010 to sign up.
"That deadline arrived today and I am pleased to say
that all fifteen banks have signed up. Alongside the bank levy,
this shows that the Coalition Government is taking action to
ensure banks pay their fair share - unlike the previous
Government, which talked tough, but failed to deliver. "
Notes for Editors 1. The code of practice on
taxation for banks can be found on the HMRC website: http://customs.hmrc.gov.uk/code
of practice on taxation for banks
2. The Chancellor confirmed at the Comprehensive Spending
Review on the 20 October 2010 that the top 15 banks would be
expected to adopt the Code of Practice by the end of November 2010
http://www.hm-treasury.gov.uk/spend_sr2010_speech.htm
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