‘Barclays attempted to defuse the controversy surrounding its two "aggressive" tax avoidance schemes which the government took emergency steps to close … saying that it had been told by its own advisers that the schemes were legal and compliant with the tax code.
‘It also claimed other banks had used similar tax avoidance schemes, but did not name them.
‘More than half a billion pounds will be clawed back retrospectively for the Treasury after Barclays admitted to schemes to avoid corporation tax when buying back its own debt at a profit, and to claim tax credits on investments on which no tax had been paid in the first place.
‘But Barclays will not be punished, according to David Gauke, the Treasury Minister. Mr Gauke said that the "significant reputational damage" that Barclays has suffered because the schemes had come to light was punishment enough.’
‘Barclays attempted to defuse the controversy surrounding its two "aggressive" tax avoidance schemes which the government took emergency steps to close … saying that it had been told by its own advisers that the schemes were legal and compliant with the tax code.
‘It also claimed other banks had used similar tax avoidance schemes, but did not name them.
‘More than half a billion pounds will be clawed back retrospectively for the Treasury after Barclays admitted to schemes to avoid corporation tax when buying back its own debt at a profit, and to claim tax credits on investments on which no tax had been paid in the first place.
‘But Barclays will not be punished, according to David Gauke, the Treasury Minister. Mr Gauke said that the "significant reputational damage" that Barclays has suffered because the schemes had come to light was punishment enough.’
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