Barclays has avoided nearly £2bn in tax via a lucrative arrangement in Luxembourg that allowed it to pay less than 1% on profits in the tax haven for more than a decade.
A Guardian analysis of Barclays’ tax bills shows it is still benefiting from a controversial decision in 2009, in which it booked profits from the $15.2bn sale of a fund management business in Luxembourg rather than in the UK where it is headquartered.
