Barclays Tax Avoidance Documents Leaked
Where does it all go? Well, tax wise at the moment, it goes into paying for bankers mistakes, with the Government, who are at least partly responsible for not foreseeing the problem in the first place, now bailing out the banks bad debts with your money.
And now it turns out that the Banks were not only guilty of mismanaging their business but avoiding paying their fair share of tax whilst they were making billion £’s worth of profit. Allegedly.
The Guardian recently found evidence that Barclays had been busy creating companies in low-tax countries such as Brazil and Luxembourg. Allegedly.
These documents were published on the Guardian website, only to have a judge phone up at 2am demanding they are taken down, and in so doing generating even more publicity around the story than would have happened.
This take down order has now been ratified by a judge, in a chilling blow for free speech in the UK.
The confidential leaked documents describe how SCM, Barclays‘ structured capital markets division, allegedly planned to use more than £11bn of loans to create hundreds of millions of pounds of tax benefits, via “an elaborate circuit of Cayman Islands companies, US partnerships and Luxembourg subsidiaries”.
The tax benefits for Barclays are said to be in the region of £1billion a year, although this is unverified.
And so, Techcrunch in the US, has managed to publish the documents, in solidarity for free speech around the world. Here is the information Barclays do not want you to see:
Barclays Confidential Tax Avoidance Documents
Alleged evidence of Barclays tax avoidance documents:
Barclays Tax Avoidance – Lux
Barclays Tax Avoidance – Knight
Barclays Tax Avoidance – Valiha
Barclays Tax Avoidance – Brazil
Barclays Tax Avoidance – Berry
Barclays Tax Avoidance – Faber
Barclays Tax Avoidance – Brontos
