Exclusive: Arrangement has allowed bank to earn billions of pounds nearly tax-free for over 12 years
Highlights
- Barclays has avoided nearly £2bn in tax via a lucrative arrangement in Luxembourg that allowed it to pay less than 1% on profits in the tax haven for more than a decade.
- Labour MP Margaret Hodge: ‘These revelations that Barclays is using a scheme in an infamous tax haven leaves the British-headquartered bank with important questions to answer’ The bank has 46,000 staff in the UK and nearly 10,000 in the US.
- Barclays employs only 54 staff in Luxembourg, but it is currently the bank’s third most profitable jurisdiction behind the US and UK.
- Luxembourg operations have made £6.6bn in profits since 2013, according to annual tax documents.