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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Monday, 28 September 2009
HMRC Places Itself Above The Law II
ICAS (The Institute of Chartered Accountants of Scotland) aren't particularly impressed with HMRC's "Code of Practice on Taxation of Banks" either:
"It has always been the case that banks, and other businesses, have applied strict interpretations of the tax law in determining their tax liabilities. This certainty is a key principle for any effective fiscal system. However, the code seeks to persuade the banking sector to encourage compliance with the spirit, as well as the letter of the law.
This relies on the banks' ability to fully understand both the law and the intention of parliament in introducing new tax laws. Understanding the intention of parliament is something which, as recent high profile tax cases have shown, even HMRC are unable to achieve. The code also specifically targets UK banks, leaving other lenders such as overseas banks outside its scope – an approach which is potentially discriminatory."
Tax does have to be taxing.
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