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Barclays bank forced to admit it paid just 1% in corporation tax in 2009

Posted By admin On February 19, 2011 @ 3:25 am In Money Watch | Comments Disabled

Jill Treanor
London Guardian [1]
Feb 19, 2011

Barclays Bank has been forced to admit it paid just £113m in UK corporation tax in 2009 – a year when it rang up a record £11.6bn of profits.

The admission stunned politicians and tax campaigners. It was revealed on the eve of a day of protests planned against the high street banks by activists from UK Uncut, a group set up five months ago to oppose government cuts and corporate tax avoidance.

The Labour MP Chuka Umunna, who lobbied Barclays’ chief executive, Bob Diamond, to reveal the tax paid by the bank, described the figure – just 1% of its 2009 profits – as “shocking”.

The current rate of corporation tax in the UK is 28%, although global banks such as Barclays – which has hundreds of overseas subsidiaries, including many in tax havens – do not generate all of their profits in their domestic market.

Full article here [1]

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URLs in this post:

[1] London Guardian: http://www.guardian.co.uk/business/2011/feb/18/barclays-bank-113m-corporation-tax

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILC35/PR

[4] Barclays Bank in talks over bargain basement deal for Lehman Brothers: http://www.prisonplanet.com/barclays-bank-in-talks-over-bargain-basement-deal-for-lehman-brothers.html

[5] Fed May Be `Central Bank of the World’ After UBS, Barclays Aid: http://www.prisonplanet.com/fed-may-be-central-bank-of-the-world-after-ubs-barclays-aid.html

[6] Barclays traders rigged American electricity prices to boost their own profits and bragged about it in damning e-mails: http://www.prisonplanet.com/barclays-traders-rigged-american-electricity-prices-to-boost-their-own-profits-and-bragged-about-it-in-damning-e-mails.html

[7] Apple paid no UK corporation tax in 2012: http://www.prisonplanet.com/apple-paid-no-uk-corporation-tax-in-2012.html

[8] Colonial BancGroup becomes biggest bank failure of 2009: http://www.prisonplanet.com/colonial-bancgroup-becomes-biggest-bank-failure-of-2009.html

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