Finance Act 2014

285 The Code of Practice on Taxation for Banks: HMRC to publish reports

(1) No later than the end of the calendar year in which a reporting period ends, the Commissioners for Her Majesty’s Revenue and Customs must publish a report on the operation during the period of the Code of Practice on Taxation for Banks as published by the Commissioners on 31 May 2013 (“the Code”).

(2) If the Commissioners determine that a group or entity which was a participating group or entity (see section 286) during some or all of a reporting period breached the Code at a time during the period, the Commissioners may name the group or entity in a report under this section.

This subsection is subject to section 287.

(3) If—

(a) the Commissioners determine that there has been a breach of the Code, but

(b) it was not reasonably practicable for information relating to the breach to be included in the report for the reporting period in which the breach occurred,

the information may be included in the first subsequent report in which it is reasonably practicable for the information to be included.

(4) The report for a reporting period must list—

(a) the groups or entities which were participating groups or entities during some or all of the reporting period,

(b) the groups or entities appearing to the Commissioners—

(i) not to be covered by paragraph (a), and

(ii) to be groups or entities in relation to which the bank levy is charged in a case where the chargeable period ends in the reporting period (or would be charged in such a case if it is assumed that any period of account beginning before or in, but ending after, the reporting period ends at the end of the reporting period instead), and

(c) the entities appearing to the Commissioners—

(i) not to be covered by paragraph (a) or (b), and

(ii) to be entities which fell within subsection (2)(b) or (c) of section 991 of ITA 2007 (subject to subsection (3) of that section) during some or all of the reporting period.

(5) In a case where the bank levy is (or would be) charged in relation to a relevant non-banking group (as defined in paragraph 11 of Schedule 19 to FA 2011), any list prepared under subsection (4)(b) is to refer to the group only so far as it consists (or would consist) of—

(a) relevant UK banking sub-groups (as defined in paragraph 19(5) of that Schedule), and

(b) so far as not covered by paragraph (a)—

(i) UK resident banks (as defined in paragraph 80 of that Schedule), and

(ii) relevant foreign banks (as defined in paragraph 78 of that Schedule).

(6) For the purposes of subsection (4)(b)(ii) it does not matter if the amount of the bank levy is (or would be) nil in the case of a group or entity.

(7) The first “reporting period” is the period beginning with 5 December 2013 and ending with 31 March 2015.

(8) After that, each year beginning with 1 April is a “reporting period”.

(9) The report for the first reporting period must list the groups or entities which were participating groups or entities on 5 December 2013.

(10) Subsection (9) does not require the inclusion in the report of any information which has previously been published by the Commissioners, so long as the report makes reference to the previous publication.

(11) If, on or after 31 May 2013, the Commissioners publish a document which states that only Part 1 of the Code is to apply in the case of a group or entity of a specified description, in the case of such a group or entity references to the Code are to be read as references to Part 1 of the Code.