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20 Mar 2009
The alleged Barclays tax avoidance schemes entered into to make a profit involved companies with headquarters in the Cayman Islands and Luxembourg, and are said to be so complex HM Revenue and Customs is having difficulty deciphering them.
Earlier this week, a court injunction forced the Guardian to remove internal bank documents from its website, according to guardian.co.uk
Vince Cable, the Liberal Democrat treasury spokesman, said public disclosure of the documents is in the interest of taxpayers.
'This is a sad day for democracy. British taxpayers are being asked to underwrite Barclays' loans... banks use the finest legal brains money can buy to avoid tax, but HM Revenue & Customs is underpaid and overstretched, so it is far from a level playing field,' he said.
Further Reading:
HMRC launches Barclays tax probe
Barclays in talks with Treasury about Asset Protection Scheme
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