Top 15 banks in UK sign up to tax code

The top 15 banks operating in Britain have adopted the government’s code of practice on tax, Deputy Prime Minister Nick Clegg said on Tuesday, as the coalition clamps down on tax avoidance.

The code requires banks to implement strong governance on taxation and allows institutions to use tax planning tactics so long as they do not contradict the intentions of lawmakers.

“We want the banks to play, not just by the letter of the tax law, but by the spirit,” Clegg told parliament. “All of the top 15 banks have now singed the code.” The banks include Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Santander and UBS.