BKM508100 - The Annual Report: FA14/S285

FA14/S285 introduced a legal requirement for HMRC to publish an annual report on the operation of the Code during the period covered by the report. The first reporting period began on 5 December 2013 and ended on 31 March 2015. Subsequent reporting periods are for years ending 31 March. All reports must be published by 31 December following the reporting period.

The report must include:

• a list of those banks which are regarded as having adopted the Code during some or all of the reporting period (“list of adopters”); and
• a list of those banks which HMRC considers to be in the Code population that are not on the list of adopters (“list of non-adopters”).

The report may include:

• the name of any bank which HMRC determines breached the Code during the reporting period; and/or
• the name of any bank which HMRC determines breached the Code during any earlier reporting period where it was not reasonably practicable for information relating to the breach to be included in the report for the period when the breach occurred.

HMRC can only name a bank as having breached the Code when it has completed all the steps set out in the Governance Protocol (see BKM506000).