HMRC launches Barclays tax probe

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
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:

in talks with Treasury about Asset Protection Scheme

Europe’s whistle blower

Dems call for tax haven probe

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