Irony for Lloyds as it owes £54m in tax bill
Some might consider this slightly absurd in the grand scheme of things. Lloyds Banking Group, you know – the one that’s 43% state-owned, has failed in its latest attempt to avoid a £54m tax bill. In April, a tax tribunal allowed the bank to keep the proceeds of its “highly artificial” transactions reports the Guardian. But both HM Revenue & Customs (HMRC) and Lloyds referred the case back to the tribunal. And in a new ruling last month, judge, Howard Nowlan, …
Some might consider this slightly absurd in the grand scheme of things.
Lloyds Banking Group, you know – the one that’s 43% state-owned, has failed in its latest attempt to avoid a £54m tax bill.
In April, a tax tribunal allowed the bank to keep the proceeds of its “highly artificial” transactions reports the Guardian. But both HM Revenue & Customs (HMRC) and Lloyds referred the case back to the tribunal. And in a new ruling last month, judge, Howard Nowlan, disagreed with HBOS’s argument that the scheme was set up for commercial purposes, saying that emails shown to him “all confirm that this project was the acceptance by Treasury Services of a marketed tax avoidance scheme”.
Now the bank is going to appeal. Why don’t they just pay £30.78m and be done with it.
More Top Stories
- Write Offs – Bugatti Veyron
- Crocodile Dundee chased by the tax croc
- Deloitte Slammed by Former Woolies Bosses
- Cayman Hedge Fund Dynamic Decisions Capital Management Under SFO Invstigation
- Topical Accounting Q&A
