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Barclays was at centre of tax loophole clampdown
Barclays said it was the bank at the centre of a clampdown by Britain on two tax avoidance schemes that the government said would close loopholes and raise more than £500m in tax.
Barclays said it notified Britain’s tax office about its plan to buy back its own bonds, on which it and other banks have made hefty profits in recent years.
Tax avoidance is legal, but the Treasury said the scheme and another one were “highly abusive.”
The Treasury’s estimate that it will ensure the payment of £500m refers to tax collected from all banks, a person familiar with the matter said. Reuters on Monday estimated Barclays could have to pay about £120m.