HMRC launches Barclays tax probe

HMRC launches Barclays tax probe

Insider blows whistle on alleged tax avoidance schemes used by banking giant

HM Revenue and Customs is investigating claims by a whistleblower of alleged
tax avoidance schemes at Barclays Bank, the Guardian has reported.

The claims were linked to documents leaked at a time when the bank has
confirmed it is in talks with the Treasury about the government stepping in to
ring-fence
some of its riskiest assets
.

The Barclays’ whistleblower is allegedly an employee of its structured
finance department at Canary Wharf and disclosed to the Liberal Democrats
details of a scheme codenamed Project Knight.

Details of a deal involving $16bn in US loans that allegedly generated
substantial tax benefits, involved a network of Cayman Island companies and
Luxembourg subsidiaries was leaked in a memo.

Further reading:

Barclays
in talks with Treasury about Asset Protection Scheme

Overview:
Europe’s whistle blower

Lib
Dems call for tax haven probe

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