Posted by Jake on Tuesday, April 05, 2011 with 1 comment | Categories: banks, Comment, Graphs, Liebrary, taxation
Reality: Barclays admitted that of the £2billion taxes they took credit for, only £113m was corporation tax. The rest was taxes paid by their staff - the vast majority of whom would remain in the UK even if Barclays shifted its HQ overseas.
The Independent Banking Commission's interim report, in April 2011, stated that only £3billion of financial services tax contribution can easily be moved out of the UK. That is less than 1% of UK tax takings.