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February 6, 2023

PwC Gets Something Right, Declines the Opportunity to Tell Everyone “We Told You So.”

P. Dubs is taking the high road on this one.

PricewaterhouseCoopers (PwC), which is responsible for auditing Barclays' accounts, is understood to have raised concerns with the bank over the structure of the schemes that would have saved it from paying hundreds of millions of pounds in tax. PwC was not responsible for providing specific advice to the bank on the use of the now prohibited structures. But, due to PwC's concerns, Barclays took a provision in its annual results against the possibility of the scheme being rejected that means it will not have to restate its financial results to take into account the extra tax it will have to pay. In a statement on Tuesday, Barclays said it had "voluntarily disclosed" the existence of the schemes to HMRC and that it had received "guidance from professional advisors that the treatment was both legal and compliant with the tax code, and given others had used a similar treatment". PwC declined to comment.

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