Bank to pay back £500m

Midweek Sport - - NEWS -

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.

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