Barclays £500m tax loophole closed by Treasury in rare retrospective action – The Guardian

Posted February 28th, 2012 in banking, HM Revenue & Customs, news, retrospectivity, tax avoidance by tracey

“The Treasury has rushed in legislation to close down two ‘aggressive’ tax avoidance schemes that a high-street bank had disclosed to HM Revenue and Customs in an effort to avoid tax. As it announced highly unusual steps to take retrospective action to shut down the ‘highly abusive’ schemes, the Treasury refused to the name the bank involved, although the Guardian understands that it is Barclays. The bank has refused to comment.”

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The Guardian, 28th February 2012