‘Barclays' total global tax payments, including payroll-related taxes, were approximately £6bn in 2009, including over £1bn in corporation taxes worldwide. There are several well-documented reasons why the UK corporate tax payment in isolation is not a reliable guide to the overall tax contribution made by Barclays.
‘Barclays has operations in 50 countries worldwide. Profits earned by, or dividends repatriated from, these foreign subsidiaries are generally exempt from UK corporation tax; as with most of our peers, during the 2008 market disruption, Barclays incurred UK tax losses that have been offset against taxable profits; the disposal of Barclays Global Investors in 2009 made a significant contribution to our 2009 profit – under UK law, this disposal is exempt for UK tax purposes. Even so, Barclays paid tax in the UK of over £2bn in 2009 …
‘Barclays should be measured by reference to its global tax contribution rather than one type of tax in one country.’
Chris Lucas, Group FD at Barclays: letter to The Guardian, 1 March
‘Barclays' total global tax payments, including payroll-related taxes, were approximately £6bn in 2009, including over £1bn in corporation taxes worldwide. There are several well-documented reasons why the UK corporate tax payment in isolation is not a reliable guide to the overall tax contribution made by Barclays.
‘Barclays has operations in 50 countries worldwide. Profits earned by, or dividends repatriated from, these foreign subsidiaries are generally exempt from UK corporation tax; as with most of our peers, during the 2008 market disruption, Barclays incurred UK tax losses that have been offset against taxable profits; the disposal of Barclays Global Investors in 2009 made a significant contribution to our 2009 profit – under UK law, this disposal is exempt for UK tax purposes. Even so, Barclays paid tax in the UK of over £2bn in 2009 …
‘Barclays should be measured by reference to its global tax contribution rather than one type of tax in one country.’
Chris Lucas, Group FD at Barclays: letter to The Guardian, 1 March
