HMRC have published the latest annual report on the Code of Practice on Taxation for Banks, which promotes compliance and discourages tax avoidance in the banking sector by requiring banks to maintain robust tax governance, avoid tax planning that frustrates Parliament’s intentions, and engage transparently with HMRC. The report indicates continued high levels of participation across the banking sector, with 315 banks listed that have adopted the Code as of 31 March 2026, while six banks within the Code population have not signed up (these were the same banks as listed in the previous annual report). HMRC found no breaches of the Code during the reporting period and received no Disclosure of Tax Avoidance Schemes (DOTAS) regime reports in relation to banks. The report also outlines HMRC’s ongoing compliance approach, with larger banks overseen by the Large Business directorate and smaller banks by the Wealthy and Mid-Sized Business Compliance directorate.
HMRC report continued compliance under Code of Practice on Taxation for Banks
KPMG’s September 2026 UK Economic Outlook published
KPMG UK’s economics team have published their latest Economic Outlook for the UK. It examines the impact of persistently higher energy prices on households and businesses, as well as the policy response that may be required from the Bank of England to contain inflationary pressures.