Helen Lethaby reviews key developments in recent weeks
Statistics published by HMRC on 30 August 2013 reveal that the banking sector generated more in the way of PAYE receipts in 2012/13 than in any previous year. No doubt this will be taken as confirmation that bankers have not been paying themselves any less since the financial crisis regardless of what other factors may be in play. Corporation tax receipts were greater than in 2011/12 – notwithstanding the 2% drop in the rate – but are still some way off pre-crisis levels. The bank levy makes up some of the difference. HMRC may wish to take some of the credit for increasing receipts by pointing to its continued efforts to combat avoidance and ‘encourage’ compliance including through the banking...
