Code of Practice for the banking Sector
The measure
The Chancellor announced in a statement on 16 March that the Government expects that 'banks will comply not just with the letter but the spirit of the law'. To explain the Government's position in further detail, it is confirmed today that a draft Banking Code of Practice will be published shortly.
Who will be affected?
UK banks and overseas banks operating in the UK through subsidiaries or branches.
When?
It is expected that a consultation period will follow publication of the draft Code of Practice before it is formally adopted.
The banking industry is of vital importance to the UK economy. Uncertainty regarding the tax environment in which banks must operate is unwelcome and therefore we look forward to the publication of the draft Code, and the anticipated opportunity to consult on its detail.
