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Tax-avoiding banks warned by Chancellor

30 June, 2009

Chancellor Alistair Darling has said that banks are to stop avoiding tax or they will face greater oversight. It is his intent to pressure banks into signing agreements to reduce the prevalence of tax avoidance.

The chancellor has said that if banks refuse to enter into agreements, they will be facing heavier scrutiny from the tax authorities. Banks that assist clients in avoiding tax will be targeted by intensive surveillance from HM Revenue & Customs under a new “name and shame” regime that he intends to announce shortly.

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