Dunno how exactly true this is but it\’s persuasive to me:
\’On page 38 of the Annual Report you will find the relevant figures for corporation tax paid to the UK in the financial years 2007, 2008 and 2009. You will note that Barclays had an effective corporation tax rate of 27%, 9% and 23% respectively in each year.
As the UK Corporate Tax Rate for the same three years was 30%, 28.5% and 28%, we need only concern ourselves with the 2008 financial year where the effective rate was 9% against a 28.5% nominal tax rate.
In 2008, Barclays had a nominal corporate tax charge of £1,464 million which was reduced to £453 million by adjustments. You can look yourself at the detail but the major adjustment was the offset of £859 million of unrecognised non-taxable losses. This was the cost to Barclays of the banking collapse, in other words the losses incurred in writing down or off the bad loans etc which resulted from the worldwide collapse in asset values.
I rather suspect that the £113 million referred to by Umunna and the Guardian is the cash amount paid to the treasury in 2009 representing unpaid corporate tax from the 2008 financial year.\’