Barclays, HSBC, NatWest Fighting $739M In VAT Bills
By Matt Thompson (April 26, 2022, 12:31 PM EDT) -- Barclays, HSBC and NatWest are involved in value-added tax disputes totaling £586 million ($739 million) with the U.K. tax authority over whether overseas subsidiaries are considered part of a U.K. tax group, the companies and documents confirmed Tuesday.
HSBC's annual report showed the bank is potentially liable for £262 million in its dispute with HM Revenue & Customs over whether certain subsidiaries are part of the company's value-added tax group. (AP Photo/Sang Tan)
HSBC's annual report showed it is potentially liable for £262 million. A spokesperson told Law360 a legal case is ongoing but declined to comment further. NatWest confirmed that...
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