AFB Tax Policy Working Group

AFB is looking to establish a new Tax Policy Working Group, to be supported by KPMG and MHA (an independent member firm of Baker Tilly International), in Q4 2024.

Purpose:

The purpose of the group will be to identify tax-related issues specific to international banks operating in the UK. The group will identify challenges, provide insight into how they affect the competitiveness of international banks operating in the UK, and propose potential solutions or more efficient ways to operate. It will also make relevant recommendations and submissions to the regulatory authorities and HMRC.

Content:

The Policy Working Group will discuss topical tax issues and their impact on members. It will cover corporate tax and VAT, but stamp and operational taxes will also be discussed.

The focus will be on issues relevant to AFB members, e.g.:

• Tax policy matters and their application for in-bound banks
• Branch bank-specific tax issues (e.g. Basel 4, VAT grouping)
• Tax compliance and HMRC’s approach and trends for small/medium-sized foreign banks (not typically represented by AFME/UK Finance)

To note: our Finance Advisory Committee will continue to provide the essential insight to inform our regular programme of roundtables, seminars and workshops on finance-related issues.

Structure:

We are looking for around 15-20 people from AFB member firms who are tax and/or finance specialists to be members of the policy working group.

The membership will be representative of the breadth of structure, size, operations and home geographies of AFB member firms. Membership will be revised after 2 years.

We envisage the group will meet three times per annum, preferably in person. The first meeting will be in the autumn of 2024. The minutes will be published and made available for all AFB members.

How to apply:

If you or a relevant colleague is interested in joining the new Tax Policy Working Group, please reply to secretariat@foreignbanks.org.uk by 5pm, 30 August 2024 providing a short summary of your qualifications and experience as a tax policy expert.