The CIOT has warned that government proposals for a strengthened code of practice on taxation for banks will set a ‘dangerous precedent’ by giving HMRC power to determine and publicly announce non-compliance with the code without any right of appeal.
EY has also expressed reservations and considers that there are better ways of achieving the expressed objectives of the proposals. In its view, ‘the current proposals introduce a breach of taxpayer confidentiality. This would expose a bank to the risk of considerable damage to its business if HMRC were to accuse it publicly of breaching the code’.
The CIOT has warned that government proposals for a strengthened code of practice on taxation for banks will set a ‘dangerous precedent’ by giving HMRC power to determine and publicly announce non-compliance with the code without any right of appeal.
EY has also expressed reservations and considers that there are better ways of achieving the expressed objectives of the proposals. In its view, ‘the current proposals introduce a breach of taxpayer confidentiality. This would expose a bank to the risk of considerable damage to its business if HMRC were to accuse it publicly of breaching the code’.
