Bank to pay back £500m
BARCLAYS Bank has been ordered by the Treasury to pay £500m in tax it had tried to avoid.
The company was accused by HM Revenue and Customs of designing and using two schemes that were intended to avoid substantial tax.
The government has taken the unusual step of introducing retrospective legislation to end such “aggressive tax avoidance” by financial institutions.
Rules forced the bank to tell the authorities its plans, and the government has closed the schemes.