Ahead of the Budget on Wednesday, the British Bankers Association (BBA) has called for a simplified UK tax regime in order to retain business competitiveness.
In its Budget submission, the group said that HM Revenue & Customs must stop its strategy of broad anti-avoidance legislation and called for more narrow tax avoidance measures.
It also wants to see simplified tax rules for the financial services industry and a "considered approach" to reform VAT on the industry.
"The fast-changing nature of financial services means that continuing attention is required," the BBA said.
"In respect of the attractiveness of the UK as a place to do business, tax and regulatory issues are of prime importance. Highly qualified financial services experts are mobile, and small changes to the tax regime which are perceived as adverse can quickly lead them to leave the UK."
The BBA also pushed for tackling fraud by providing the necessary strategic leadership through a National Fraud Strategic Review, coordinating a national anti-fraud strategy and making fraud a policing priority "backed by effective prioritisation and deployment of resources".
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