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Article

18 Feb 2011

Author:
Jill Treanor, Guardian [UK]

Barclays bank forced to admit it paid just £113m in corporation tax in 2009 [UK]

Barclays Bank has been forced to admit it paid just £113m in UK corporation tax in 2009 – a year when it rang up a record £11.6bn of profits...The current rate of corporation tax in the UK is 28%, although global banks such as Barclays – which has hundreds of overseas subsidiaries, including many in tax havens – do not generate all of their profits in their domestic market...Max Lawson, of the Robin Hood Tax Campaign, said: "This is proof that banks live in a parallel universe to the rest of us, paying billions in bonuses and unhampered by the inconvenience of paying tax...Barclays said it complied with tax laws in the UK and all the countries where it operates and that in 2010 it paid over £2.8bn in taxes in the UK and £6.1bn globally. The £2.8bn UK bill again includes payroll taxes. [also refers to Vodafone, Boots, Top Shop (part of Arcadia)]