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

clock • 1 min read
Barclays avoided nearly £2bn in tax by booking profits through Luxembourg - report

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 ...

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