Note to Barclays PR

This is how you do it:

A spokesman for Standard Chartered told The Daily Telegraph: \”The bank will pay approximately $200m in UK corporation tax even though over 95pc of its profits are earned overseas, principally in Asia. Standard Chartered will pay over $1.7bn of tax on its profits of $6.12bn. Standard Chartered also pays substantial indirect taxes in the UK.\”

Explain the numbers. And as you can see, the total corporation tax bill is 27.7% of the profits. As close as makes no difference to the headline rate of 28%.

It\’s just that, as most of their operations are outside the UK, so are most of their profits and thus so is most of their tax bill.

They\’re paying tax, just not to HMRC.

One comment on “Note to Barclays PR

  1. Correct. Massive kudos to StanChar for not pretending that its employees’ income tax is tax it’s paid, and for general transparency.

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