RegulationCorporate GovernanceTax manager alleges avoidance at Lloyds bank

Tax manager alleges avoidance at Lloyds bank

Lloyds defends tax management after employment tribunal allegations

Lloyds bank has been accused of tax avoidance by a former employee during an
employment tribunal, the
Guardian
reports.

Andrew Constantine,54, the former head of tax compliance, is reported to have
alleged during the tribunal that schemes devised by staff removed a potential
£900m from the bank’s tax bill.

He also alleged the bank refused to listen to warnings from staff about the
schemes.

The Guardian reports that Lloyds said the allegations were
investigated but found to be without merit. A statement from the bank said it
complied with all tax law in the UK and overseas.

Constantine was made redundant in September last year in a move he claimed
was driven by his whistle blowing.

He has since become head of tax at FTSE100 insurance group Aviva.

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