Barclays £119m tax bill inflames protesters
Protesters from UK Uncut targeted nearly 50 branches of Barclays Bank on Saturday in a “bail-in” action to protest at the bank’s tax and bonus policies.
On the morning of the action, The Guardian published figures showing that Barclays paid £113m in UK Corporation Tax on its 2009 profits of £11.6bn.
Labour MP Chuka Umunna released the figure from a follow-up letter sent by Barclay’s chief executive Bob Diamond after his recent appearance before the House of Commons Treasury select committee.
Diamond had told the committee that Barclays paid £2bn UK taxes in 2009, but the detailed letter revealed that around 80% of that figure was made up from employees’ payroll tax contributions.
Tax Justice blogger Richard Murphy estimated that Barclays’ total tax bill for the year (ignoring deferred tax) was roughtly £1.3bn, of £200m related to the sale of Barclays Global Investors.
A note in its accounts indicated that 78% of its profits came from Barclays Capital, Murphy noted, which he suggested was mainly located in London and New York. Yet less than 10% of Barclays’ corporate tax bill was paid in the UK.