HMRC gets tough with Barclays

In an effort to close any tax loopholes that companies are constantly probing for, any financial insitution has to register any new Investment scheme with the HMRC, who will decide whether they are just smart financial engineering tax avoidance schemes.

Barclays Bank have just had £500 million clawed back from the HMRC who have shut the door on one such idea where the bank bought back their own debt and avoided paying corporation tax.