Bloomberg Tax
Feb. 21, 2019, 1:21 PM UTCUpdated: Feb. 21, 2019, 6:03 PM UTC

Barclays Appeals $236 Million Backdated U.K. Tax Bill (Corrected)

Hamza Ali
Hamza Ali
Senior Reporter International Tax

Barclays Plc will challenge in court a 181 million pound ($236 million) backdated value-added tax bill from the U.K. tax office.

The bank revealed its plan to take the tax dispute to court Feb. 21 in its 2018 annual report.

The disputed tax bill arose in March 2018 when Her Majesty’s Revenue and Customs (HMRC), the U.K. tax office, ejected several of the bank’s overseas subsidiaries from its U.K. VAT group and demanded the bank pay the tax that these companies avoided while they were members of the group.

Banks and financial services firms arrange inter-group services within ...

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