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The Code of Practice on Taxation for Banks was first introduced in 2009 and was strengthened in 2013, in particular to introduce more transparency.
The strengthening of the code in the Finance Act 2014 provided that HMRC is required to publish an annual report on the operation of the code. The report lists banks which have adopted the Code, identifies any bank that have 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 how HMRC addresses concerns when they arise around the code.
The list of adoptees in Appendix B has been amended to reflect changes which took place before 31 March 2016: entry for Standard Bank plc deleted and replaced with new entry for ICBC Standard Bank plc (line 155); entry for Islamic Bank of Britain deleted and replaced with new entry for Al Rayan Bank (line 9); entry for Clydesdale Bank plc amended to Clydesdale Bank PLC; entry for Yorkshire Bank Home Loans Ltd deleted (both line 103). Footnote 14 amended to accurately reflect changes following the Clydesdale de-merger from National Australia Bank.
Amendment to the report: The list of adoptees in Appendix B amended to include separate entries for Sumitomo Mitsui Banking Corporation Europe and Sumitomo Mitsui Trust Bank Limited, who had previously been erroneously grouped as one entry. The number of adoptees is now 315 (page 4), not 314 as previously stated.