BARCLAYS WAS ACCUSED of tax avoidance “on a grand scale” during a Treasury Select Committee meeting.
The claim, denied by Barclays CEO Bob Diamond, was made by Labour MP Chuka Umunna during the committee’s evidence session into competition and choice in the banking sector.
Umunna pointed out that Barclays had more than 300 companies incorporated in tax havens, reported MoneyMarketing. He also suggested the bank helped clients avoid tax.
Diamond said: “It is our obligation when we do financing for clients to do it in the most tax efficient way and that is in line with government policy.”
He added that the bank complied with the banking code of practice, which encourages participants to follow the spirit and letter of the tax law.
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