View more on these topics

Protests hit Barclays as it admits paying just £113m corporation tax

Anti-tax avoidance campaigners protested outside 50 Barclays branches at the weekend after the bank admitted it paid just 1 per cent of 2009 profits in UK corporation tax.

Action group UK Uncut organised the protests after Barclays chief executive Bob Diamond revealed the bank paid £113m in UK corporation tax in 2009 on a group profit of £11.6bn.

Several branches had to close due to the protests, which were staged in cities including London, Edinburgh and Birmingham.

Under the current corporation tax system, Barclays was able to offset losses resulting from the financial crisis against future tax bills.

A spokesman says: “Barclays has operations in 50 countries worldwide, all of which are subject to close governance and clear disclosure. The corporate tax affairs of an organisation with the global footprint of Barclays are complex and not red-ucible to simplistic comparisons. Any link between Barclays group profits and the amount of tax paid to the UK is inappropriate – there is no direct correlation between the two.”

Jamieson Financial Management principal Bruce Jamieson says: “The amount of corporation tax Barclays has paid is outrageous. The problem is because the amount is so minuscule, it is doing nothing to help alleviate the UK’s deficit problem. Barclays has gone about this in an appalling fashion and I can understand these protests.”

UK Uncut plans more protests against Royal Bank of Scotland and NatWest this weekend.

Recommended

4

Specialist fraud unit set up to monitor Qrops abuse

The Government has set up a specialist fraud unit to monitor Qrops due to concerns about fraudulent activity and irresponsible transfers. An internal ABI pensions note, seen by Money Marketing, reveals that HMRC has established a dedicated team to monitor the activities of Qrops amid concerns over “general abuse” of schemes acting outside the legislation. […]

Aegon multi-asset fund aims for 10% annual return

Aegon Asset Management is to introduce a multi-asset fund aiming for an annual return of 10 per cent over a three-year period. The strategic assets fund will launch on March 1 and will com- prise predominantly long- only investments, principally in equities and fixed income. The fund will be placed in the IMA cautious managed […]

DearRob&Roderic…

Our resident agony uncles and The Ideas Lab directors Rob Reid and Roderic Rennison answer adviser questions

3

FSA fines DB Mortgages £840,000

The FSA has fined DB Mortgages, part of the Deutsche Bank Group, £840,000 for irresponsible lending practices and unfair treatment of customers in arrears. The regulator also secured redress of approximately £1.5m for customers of DB Mortgages. This is the first time the FSA has taken enforcement action against a firm for irresponsible mortgage lending. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. I worked as a sterling deposit broker in the city for many years at Exco International and Euro Brokers and spent many a long lunch time and evening breaking bread and taking wine with many a good banker and take it from me, not many know what they are doing or indeed can read really read any market correctly hence the position we are in today.
    I do not believe that the banks need to make fortunes at the expense of our small to medium sized businesses just so we could borrow our own already paid taxes at expensive rates, nor do I believe that by charging 4.5% over the base rate or libor on the domestic market gives them a better standing on the world stage for shareholders to invest in our long term economic growth, I think it just creates short term profits to bail them out and I don’t believe our economy is now or will benefit from that from that short term view.
    The banks in this country along with the brown “nosed” Politian’s who courted them have been relied upon to be the knight in shining armour for too long and it is this which has given us a false economy when labour let them run the country to create tax revenue streams to support their socialist policies, these revenue streams were based wholly on the service industry and over inflated property prices and did nothing to promote our domestic manufacturing, our country has failed because we don’t produce anything except managers and bums (unlike the Chinese) and although they might taste nice man cannot live on eating managers or chewing on bums, we need to produce and gear up our GDP to compete in the world markets on price and quality and all the time our banks are ripping us off on what we need to pay them in interests to sustain growth, will always be a draw against that growth in this country.
    However that’s not the end of it and they raise interest rates based on inflation being driven by worldwide fuel prices I suggest the last one to leave Britain turns of the lights – oops don’t worry about turning them off the Russians will have just switch them off for us in Moscow already ha-ha

    Paul
    landlord referencing services

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com