Barclays Bank Pays Robert Diamond’s £5.7Million Tax Bill

12 Mar

Yet another situation where a bank acts inappropriately.

This follows on from Barclays, tax evasion schemes which have fallen foul of HMRC. Then again creating an artificial loss to off-set tax payable at best is dubious.

This weekend it has been reported Barclays Bank has paid £5.7million to cover a tax bill owed by the chief executive, Mr Robert Diamond.

Diamond at the World Economic Forum annual meeting in 2012

Robert Edward “Bob” Diamond, Jr. (born Holyoke, Massachusetts, July 27, 1951) is an American banker, currently Group Chief Executive of Barclays Bank.

The £5.7m reimbursed Robert Diamond following his move from the United States to Britain last year to become Chief Executive. Mr Diamond’s contract of employment specified Barclays would pay any double taxation caused by a move for his job, which was the case in this scenario.

Robert Diamond was paid £6.3million according to the annual report (excluding this Tax benefit). His total earnings have been estimated at more than £25million including this tax benefit and share awards from previous years received in 2011.

Always good to know someone is benefiting from the weak economic environment, and government actions to save the banking system. Forgive my sarcasm but I do not agree with the level of remuneration.

Any questions, my email – welshmoneywiz@virginmedia.com

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