Barclays avoided nearly £2bn in tax by booking profits through Luxembourg - report

Mark Battersby
clock • 1 min read

UK headquartered Barclays banking group has avoided almost £2bn in tax by booking profits through Luxembourg for more than a decade, according to a report by the Guardian.  Barclays paid less than 1% on profits in Luxembourg by leveraging a 2009 move to book profits from the $15.2bn sale of Barclays Global Investors in Luxembourg, rather than the UK where it is headquartered, the national paper said.  The terms of the sale of the funds business allowed Barclays to offset future profits against a drop in the acquired firm's shares, allowing the firm to earn billions of pounds nearly ta...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?