Gagging orders only work in Britain.
Click here if you want to read the alleged internal memos that Barclays want to squash. The documents reveal a number of elaborate international tax avoidance schemes by the SCM (Structured Capital Markets) division of Barclays. According to these documents, Barclays has been systematically assisting clients to avoid huge amounts of tax they should be liable for across multiple jurisdictions.
Thanks Slagella for the link.
Did you see "Crime does pay" on Panarama last light (it's on Iplayer still)?
ReplyDeleteThe only thing that shocked me was Blunket... he complained that he was "extremely clever" and that every piece of legislation he passed was "equivalent to doing a doctorate". When thousands of bills are introduced, each "as complicated as a doctorate" (if Blunkett is to be believed) is it surprising that they're full of preposterous loopholes as well as fundamentally unfair abuses to individuals whose circumstances were ignored in the context of the legislation - and whose livelihoods are considered collateral damage.
I can't blame Barclays for avoiding tax. I can and do blame the treasury for having a barmy tax system that precludes transparency and audit; that favours criminals over law abiding citizens - and prompts those with most to lose to go to extraordinary lengths to get the best deal.
aSteve, so often i disagree so let me take this opportunity to say amen to your post. Tax Avoidance is legal. Unless you are someone who believes it is "moral" to overpay - and i feel pretty secure claiming that NONE of the people who are bitching about this pay more tax than they have to - then whats the problem?
ReplyDeleteand PS bit rich on the Guardian's part given their tax avoidance last year was higher than BARCL's...
ReplyDeleteWhat's your definition of 'should' ?
ReplyDeleteIt sounds like this bank was doing a good job for their customers.