Barclays hits out at 'unwarranted' retrospective tax action

clock

Andrew Tyrie, the chairman of the Treasury Select Committee, has asked George Osborne to respond to suggestions from Barclays that retrospective tax action taken against the bank earlier this year was "unwarranted".

In February, the government introduced new legislation to prevent the use of two aggressive tax avoidance schemes used by Barclays, after being informed by HMRC. It also ordered the bank to pay £500m in tax it had tried to avoid. Tyrie asked Barclays for its perspective on the action following a meeting with chief executive Bob Diamond on 17 April. In a letter to Tyrie, Diamond explained how it had come about after the bank had disclosed to HMRC that it had repurchased some of its debt in a "tax efficient manner", expressing his surprise it had been singled out by the government fo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Danger' for advisers who think poor conduct is not relevant to them

'Danger' for advisers who think poor conduct is not relevant to them

‘You cannot rely on people deciding what to do in the moment’

Hope Coumbe
clock 28 March 2024 • 1 min read
FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read
FCA: 'Huge opportunity for firms to shape the advice sector'

FCA: 'Huge opportunity for firms to shape the advice sector'

Kate Blatchford-Hick calls on firms to embrace the regulator’s proposals

Sahar Nazir
clock 09 February 2024 • 2 min read