Banks await new tax guidelines

The Treasury will announce a new framework of guidelines on tax avoidance tomorrow, with the publication of its code of practice for banks. The code, which will be voluntary, will see banks agree to abide by the “spirit” of the code, or face being named and then investigated by HM Revenue and Customs (HMRC). Lenders will have 12 weeks to sign up and will be asked to enter discussions with HMRC on how best to comply with the code.