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Barclays defers £2.5bn of tax
Losses in the UK, the US, and Spain prompted the decision.
By Liam McLaughlin Published 15 March 2011
Barclays bank revealed they have deferred £2.5bn of tax assets in order to offset their future tax bills.
In its annual report, Barclays stated they had paid £1.5bn in corporation tax, but were unclear on how much they had paid in the UK. Figures for the "total tax" paid to the UK last year amounted to £2.8bn.
In the UK companies are allowed to use losses against future profits with no restrictions on how long this continues.
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2 comments
There is no accounting or tax law concept of "deferring" tax to reduce a future tax bill or for any other reason. What on earth are you talking about?
If it's deferred tax you are talking about, that is a pure accounting adjustment to deal with profits where the tax treatment is different from the accounting one.
Can the NS really not find someone vaguely financially literate to write about finances, or is the need to have another random dig at Barclays more important than accuracy?
That's the end of my account with this company.
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