Revealed: Barclays avoids almost £2bn in tax via Luxembourg scheme

Exclusive: Arrangement has allowed bank to earn billions of pounds nearly tax-free for over 12 years

Barclays has avoided nearly £2bn in tax via a lucrative arrangement in Luxembourg that allowed it to pay less than 1% on profits in the tax haven for more than a decade.

A Guardian analysis of Barclays’ tax bills shows it is still benefiting from a controversial decision in 2009, in which it booked profits from the $15.2bn sale of a fund management business in Luxembourg rather than in the UK where it is headquartered.

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Barclays, Banking, Business, Tax avoidance, Corporate governance, Luxembourg, UK news, Europe, World news UK news | The Guardian

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