Lloyds accused of avoiding tax to artificially boost profits

Guardian – A former employee of Lloyds Banking Group has accused the bank of artificially inflating its profits by almost £1bn through the use of aggressive tax-avoidance schemes and exotic “Lehman- style” offshore deals which he said amounted to false accounting. The former senior tax manager at the bank told an employment tribunal Lloyds was involved in running battles with Revenue & Customs after it embarked on a hostile relationship with the tax authority over multimillion-pound corporation tax bills while involved in extensive manipulation of the way it accounted for unpaid taxes.

Click on title above for original article; http://www.guardian.co.uk/business/2010/mar/18/lloyds-banking-tax-avoidance-allegations


Thanks to OpenYourEyes for passing this along;
http://www.openyoureyesnews.com/2010/03/19/lloyds-accused-of-avoiding-tax-to-artificially-boost-profits/