This is the first annual report on the operation of the Code and covers activities in the period from 5 December 2013 to 31 March 2015.
The Code of Practice on Taxation for Banks was first introduced in 2009 and was strengthened in 2013, in particular to introduce more transparency.
From 2015, HM Revenue and Customs (HMRC) is required to publish an annual report on the operation of the Code.
As part of that report, HMRC is required to list banks which have adopted the Code, to identify any bank that has not adopted the Code and can identify any bank that is found to be in breach of its Code commitments.
The report also covers the work HMRC has done to monitor Code compliance, and HMRC’s response where banks have approached HMRC for its view on whether a particular transaction is Code compliant.