More Barclay’s whistleblower revelations

Further detailed allegations about tax avoidance schemes set up by Barclays Bank emerged tonight from whistleblowers who said the bank made close to £1bn profit a year from a series of elaborate deals.

The schemes are similar to those detailed in documents published by the Guardian this week which have been the centre of a three-day hearing at the high court, and are the subject of a gagging order.

The internal Barclays memos were leaked by a mole to the Liberal Democrats. The new allegations reiterate claims that the bank’s main purpose in entering into these schemes was to make profit from tax avoidance through an intricate circuit of offshore Cayman Islands and Luxembourg companies. The profits are said to be enormous and the deals so complex that HM Revenue & Customs (HMRC) struggles to unravel them.

continue getting pissed off here

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