LONDON (Reuters) - Barclays Plc (BARC.L) said any retrospective change to UK tax laws would not have a material impact on its profits and said it alerted the UK government to a “tax efficient” scheme it used, sparking a government clampdown on the tax schemes.
“This situation arose when Barclays voluntarily disclosed to HMRC in a spirit of full transparency that it had repurchased some of its debt in a tax efficient manner,” Barclays said in a statement. It said it complied “with the letter and spirit of all our obligations” of UK tax law and a voluntary code of practice.
Britain’s Treasury on Monday said it was clamping down on two tax avoidance schemes by banks, which could retrieve 500 million pounds in lost tax.
Reporting by Steve Slater; Editing by Hans-Juergen Peters