EVENT: HMRC Officials meet ABA members

Date: 24th June, 2019 Time: 03:00 pm - 05:00 pm
HMRC Officials meet ABA members

As part of our programme to enhance understanding and transparency between the London Arab banking community and UK regulators and officials, we hosted two senior officials from Her Majesty's Revenue and Customs (HMRC – the tax office) on 24 June. 

The HMRC presentation was given by Lucy Arundel, whose title is 'Finance Head of Profession and Case Director, Mid Sized Business' and Ursula Crosbie, whose title is 'Banking Policy Lead, Financial Products and Services Team, Business, Assets and International." Most London branches and subsidiaries of Arab banks fall under HMRC's 'mid sized business' department.

The presentation explained various matters related to the Code of Practice on Taxation for Banks, introduced in March 2009 and the June 2009 Consultation Document that asserted that banks had been exploiting loopholes in legislation. The Code states that the Government expects that banking groups, their subsidiaries, and their branches operating in the UK, will comply with the spirit as well as the letter, of the tax law, discerning and following the intentions of Parliament.

midsizebanks.wmbc@hmrc.gsi.gov.uk is an email address through which banks can make a submission to the mid sized banks office  (if they do not have a usual point of contact), and

https://gov.uk/government/collections/the-code-of-practice-on-taxation-for-banks  is a website that contains the Code itself, annual reports and guidance. 

The presentation also addressed Automatic Exchange of Information (AEOI) such as FATCA, CDOT (Crown Dependencies and Gibraltar), CRD and DAC (EU Directive on Administrative Cooperation in Tax Matters). The HMRC officials considered issues such as misunderstanding of what is an 'Undocumented Account' under AEOI, and misunderstanding of what is required to be reported.HMRC guidance on AEOI can be seen at:


The final issue to be addressed was Country by Country Reporting (CbCR). Information on this can be found at https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim3000000

Email enquiries can be sent to a bank's usual point of contact or to msb.countrybycountryreportingmailbox@hmrc.gsi.gov.uk





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