It’s expected that the Pre-Budget Report will include publication of the Code of Conduct for banks that HM Revenue & Customs expects all UK banks to sign up to.
Rumour has it that at least one major bank (no prizes for guessing which) is very reluctant to sign up.
What will HM Revenue & Customs do in that case? Is this the route to a legal requirement for tax compliance? And maybe the path to a General Anti-Avoidance Principle? If so that banks actions may backfire very seriously. I do not think the Treasury intends to lose this one, and I don’t think a possible change of government would change that.
Watch out for fisticuffs.
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