Barclays is under pressure after it emerged that incoming chairman Nigel Higgins who will join the bank next year from Rothschild, where he has spent his whole career, has invested in tax avoidance schemes.
Miles Dean, managing partner at Milestone International Tax pointed out that thousands of people have invested in these schemes over a decade or more in order to "save tax under the facade of a film investment”.
“Financial advisers waving a counsel's opinion made hay and the real scandal is that they have cleaned up, leaving their clients wide open.”
Labour member of treasury committee John Mann has asked Barclays to confirm whether the bank will pay the right amount of tax and will not be advising clients on these type of schemes under Mr Higgins chairmanship.
Mr Dean added: "As to John Mann MP’s comments regarding whether Barclays will be advising on schemes of this nature, he really ought to conduct a bit of research. He would see that the tax avoidance industry has effectively been put down by the introduction of the Disclosure of Tax Avoidance Schemes (DOTAS), Accelerated Payment Notices (APNs) and the courts taking a much more purposive approach to tax legislation."
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