puisseguin Posted February 28, 2012 Share Posted February 28, 2012 Government passes retrospective tax changes and tells Barclays to pay £500 million more tax to HMRC http://www.bbc.co.uk/news/business-17181213 Barclays Bank has been ordered by the Treasury to pay half-a-billion pounds in tax which it had tried to avoid. Barclays was accused by HM Revenue and Customs of designing and using two schemes that were intended to avoid substantial amounts of tax. The government has taken the unusual step of introducing retrospective legislation to end such "aggressive tax avoidance" by financial institutions. Tax rules forced the bank to tell the authorities about its plans. The government has closed the schemes to retrieve £500m of lost tax and safeguard payments of billions of more tax in the future Link to comment Share on other sites More sharing options...
polo mint Posted February 28, 2012 Share Posted February 28, 2012 Government passes retrospective tax changes and tells Barclays to pay £500 million more tax to HMRC http://www.bbc.co.uk/news/business-17181213 Barclays Bank has been ordered by the Treasury to pay half-a-billion pounds in tax which it had tried to avoid. Barclays was accused by HM Revenue and Customs of designing and using two schemes that were intended to avoid substantial amounts of tax. The government has taken the unusual step of introducing retrospective legislation to end such "aggressive tax avoidance" by financial institutions. Tax rules forced the bank to tell the authorities about its plans. The government has closed the schemes to retrieve £500m of lost tax and safeguard payments of billions of more tax in the future It would appear that the tax office has also told HSBC to pay another £3 billion as well. Link to comment Share on other sites More sharing options...
brianthedog Posted February 28, 2012 Share Posted February 28, 2012 And who told HMRC about the loophole? Link to comment Share on other sites More sharing options...
andyofborg Posted February 28, 2012 Share Posted February 28, 2012 And who told HMRC about the loophole? barclays did Link to comment Share on other sites More sharing options...
ricgem2002 Posted February 28, 2012 Share Posted February 28, 2012 so whats the problem according to some on here thats the way of the future. let the rich pay as little as tax as possible yet tax the poor as much as they can Link to comment Share on other sites More sharing options...
HeadingNorth Posted February 28, 2012 Share Posted February 28, 2012 so whats the problem according to some on here thats the way of the future. let the rich pay as little as tax as possible yet tax the poor as much as they can You do realise that this is a story about making the rich pay more tax? (At least, rich companies. It has no bearing on any individuals.) Link to comment Share on other sites More sharing options...
green Posted February 28, 2012 Share Posted February 28, 2012 Meanwhile back in Barclays headquarters, the accountants and legals who contrived the last scheme are busily beavering away building their next tax avoidance package. At least now, they have to submit it to HMRC before they utilise it. I bet Hartnett is devastated that he cant do anymore cosy deals for us. Link to comment Share on other sites More sharing options...
emma royd Posted February 28, 2012 Share Posted February 28, 2012 so whats the problem according to some on here thats the way of the future. let the rich pay as little as tax as possible yet tax the poor as much as they can Isn't Barclay's a bank? At least this government seems to be closing tax loopholes. The last one just talked about it because people like Blair and Livingstone were too busy exploiting them. Not to mention handing out knighthoods to bankers. Link to comment Share on other sites More sharing options...
Anna B Posted February 28, 2012 Share Posted February 28, 2012 The irony is that this was on the same news broadcast as the removal of Occupy London from outside St Pauls. I believe that without Occupy and similar groups raising public awareness and pressing for reform this wouldn't have happened. Cameron would much rather tax and penalise the poor saps who can't fight back than take on the big boys. Now Barcleys will have to find another way to avoid tax... That could take them all of 24 hours. Link to comment Share on other sites More sharing options...
ricgem2002 Posted February 29, 2012 Share Posted February 29, 2012 Isn't Barclay's a bank? At least this government seems to be closing tax loopholes. The last one just talked about it because people like Blair and Livingstone were too busy exploiting them. Not to mention handing out knighthoods to bankers. ill be happy when they all pay an equal % of tax as me and you pay Link to comment Share on other sites More sharing options...
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