Code of Practice for the Banks – tax by code that which is untaxed by law

The Chartered Institute of PriceWaterhouseCoopers Taxation has published its response to the proposed Code of Practice.  And, cripes, the CIOT almost grew a pair.   Not quite, mind you, and given that no one is now worrying about currying favour with a government that will soon be retiring to spend more time with their directorships and property portfolios, one can only be left to wonder over what could have been.   

The response is not without its good points and is worth a read. But the general  absence of bite represents a tragic waste of a golden opportunity, not only to demand the Code be scrapped but,  moreover, to comment, in the strongest possible terms, on the legislative shortcomings of the present shower and, in so doing, remind the incoming rabble that they will need to up their game.