“Also announced today is a list of banks that have signed up to the Code of Practice on the Taxation of Banks. HMRC will be encouraged that many banks have signed up. However, HMRC’s new powers to ‘name and shame’ where they perceive there to be non-compliance is causing concern, especially with inward investors. Time will tell whether the safeguards intended to prevent unwarranted reputational damage will work in practice.”
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