Government willing to shut more bank tax loopholes

LONDON Tue Feb 28, 2012 5:54pm GMT

A shield of arms adorns a wall inside the Treasury in central London, October 20, 2010. REUTERS/Chris Ratcliffe/Pool

A shield of arms adorns a wall inside the Treasury in central London, October 20, 2010.

Credit: Reuters/Chris Ratcliffe/Pool

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LONDON (Reuters) - The government is willing to shut down further bank tax loopholes schemes in future, Treasury official David Gauke said on Tuesday, after it ended a tax avoidance scheme that had been used by Barclays.

"We are willing to do it but only where we believe there is a potentially strong case," Gauke told BBC Radio 4.

"We believe it has (broken the code of conduct) and we don't think that that is acceptable. All the banks have signed a code of conduct, they have said that they wouldn't be engaging in aggressive, artificial tax avoidance arrangements of the sort that we have seen, that's been disclosed to the HMRC, and in those circumstances, when we were aware of what this bank was doing, it is right that we took strong action," he added.

(Reporting by Sudip Kar-Gupta)

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