The BBC has reported today that Barclays Bank might have to pay up to £500 million in taxes they thought were not due to the British Government – but Barclays reportedly claim the figure is likely to be closer to £150 million.
Barclays used two schemes to lower their tax bill, and both were completely legal, but in a rare move the government introduced retroospective legislation – a move that hasn’t been made by HM Treasury since 1978.
Analysts suggest that the closing of the loopholes could potentially net the Exchequer £2 billion as other banks will not now be able to do the same thing. To read the BBC report click here
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