Chancellor wants end to bank tax avoidance
Alistair Darling will use stick of more extensive inspections at the hands of tax authorities.
Alistair Darling, the Chancellor, will put pressure on British banks to sign agreements promising to end tax avoidance or face more extensive inspections at the hands of tax authorities.
The Revenue and Customs division of the Treasury is to call on senior executives at all UK banks to agree to the plan and will consult them on how it can be implemented. The Government expects all banks operating in the UK to sign a new code of practice on taxation – originally scheduled to be published more than two months ago – when consultations end in September.
It has clawed back £11bn since 2004 under a voluntary code and has so far rejected legislation or a compulsory code of practice, but has hinted at tougher measures in the event that large-scale tax avoidance continues.
The Treasury will on Monday seek a board-level commitment from banks to a revised code, under which they will have to put in
place a formal policy and governance process for taxation, with accountability resting with directors.
Sources have said that the revenue office wants to ensure banks comply with the spirit of tax regulations as well as the letter of the law. The banks will also have to commit to a more "open and transparent" relationship with tax authorities in relation to remuneration packages.
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