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Daily Tax Report: International

Barclays’ VAT Battle Could Signal U.K. Taxman’s Toughening Stance

Aug. 10, 2018, 8:13 AM

The U.K. tax authority’s demand for 184 million pounds ($237 million) in backdated value-added taxes from Barclays Bank may be a signal that a tax planning scheme used by the lender will face increased scrutiny, tax advisers warn.

The warning comes as Barclays PLC said in its Aug. 2 interim results that Her Majesty’s Revenue and Customs is conducting a further review, “and if the assessments are not withdrawn, Barclays is able to challenge the assessments by initiating proceedings” with the First Tier Tribunal (Tax Chamber).

“This can affect other banks and financial institutions, especially...

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