£4.85bn annual profit = £113m UK corporation tax. Barclays Bank rips of the people!

Hey ATS,

I just thought I'd bring this little gem to your attention:

BBC NEWS: Barclays reveals £113m UK corporation tax bill

Barclays has revealed it paid £113m in corporation tax to the UK in 2009, only 2.4% of its £4.85bn annual profit.

Labour MP Chuka Umunna, of the Treasury Select Committee, who requested the detail, described it as "shocking".

Barclays said that the the amount of corporation tax it paid for the year included losses for the previous year.

The UK tax authorities' relatively low take also reflects the global nature of the British bank, with the bulk of its profits coming from outside the UK.

Yeah, well they would say that wouldn't they.

Nothing has changed my friends, business as usual.

Enough to make me want to close my account on Monday!!



All the best ATS, Kiwi

this world is built on greed. a recession will not change this.

The global banking system is rotten to the core and is at the heart of most of everything that is wrong in this world.

I bank with Barclays and will be moving next week, this is the final straw, there Indian call centres are a nightmare, their branches thin on the ground and there distain for the UK taxpayer is shocking. They will be one customer down on Monday, not that they care but if enough people woke up things would be different

These days nobody is suprised by the extent of the greed of the banks, their backers in government and supporters in international financial institutions.
However, the scale of this tax avoidance is pretty huge and it will cause Barclays some embarassment. As a Barclays customer of more than 30 years standing I've had enough. I am going to write them a letter telling that I will be closing my account due to their disgraceful attitude during a recession and that this is the final straw.
It may not make much impact, but if we all did the same...

I have decided to withdraw all my money from all of my accounts. I have totally had enough of this banking regime. Goodnight and godbless you wankers!!

onthelevel - great minds think alike! I swear at the time I was writing a reply yours had not come up yet, but its odd that we both used terms like 'final straw' and signed off in the same way.
Full marks to you sir!

Originally posted by Freeborn
The global banking system is rotten to the core and is at the heart of most of everything that is wrong in this world.

Only half true.

What is at the heart of everything wrong in this world is that people aren't doing anything about the global banking system.

What is at the heart of everything wrong in this world is that people aren't doing anything about the global banking system.

The G20 has only just recently taken policy control of the IMF away from the CFR. This is a step in the right direction towards a more stable global economy. There are many complex issues that need to be sorted out along the way. For the people here moving to another bank, that is good The economy is a complex thing and society is currently dependant on it. Learn about it, talk about it and hopefully we can find a way to put this beast down without taking us all out.

Originally posted by larsen
this world is built on greed. a recession will not change this.

Let me rephrase that: This world is built on uncontrolled capitalism, which allows greed to overtake any rationality.

reply to post by kiwifoot


It includes losses for the previous year silly! Of course.... you're also supposed to forget about the Government having already paid billions to bail them out......

Banks + Lawyers .. no surprise.

Mr Bob Diamond (yes the American running Barclays bank whom has pocketed approx £15 - 20 million per year on a regular basis when Barclays Global was ruling the roost) said as the MP's asked questions about tax.......That he felt paying tax was a duty and an obligation to the wider society !!??

Trouble is that he, along with lots of other CEO's, CFO's and other assorted Fat cats are from a group whom have lost touch with reality....... They come from a mentality which says MORE MORE MORE, kill the competition, Money Money Money !!!

When he was (Mr Bob Diamond) was interviewed by the select commitee, he was quite evasive and rambling and determined to try and deflect issues by going in different directions......... He knows what he is doing, he is not niaeve BUT he does not understand that it is wrong............ Until the WHOLE THING COLLAPSES - nothing will change.............. I would like to know Barclays losses for the previous year ??!! Was it because they BOUGHT up the rotton corpse of Lehmann Brothers and classed that as an initial loss.......????

If so then this is a lot worse because in effect Barclays is trying to be uber clever by using the 2008 ' crash' as a means of business advancement for the few and not as a moral lesson for the industry..

The final fact to consider is that they are paying out £113 milion in tax but several £ BILLION in salaries and Bonuses ..!! There is a Dis-connect here.......... it is wrong..... surely !!?

I am a big Barclays customer and I am not happy about this !

I am reviewing my options....

PDUK