Bloomberg News

Spain Starts Tax Inspection of Barclays’s Unit, Expansion Says

July 16, 2012

Spain’s budget ministry has started an inspection of Barclays Plc (BARC)’s investment banking unit, Expansion reported.

The review is examining the practice of temporarily switching ownership of securities to avoid the tax deduction of dividend income at the source, the newspaper said today.

The firm is undergoing a routine inspection by Spanish authorities and isn’t aware of an investigation, an official at the bank’s Spanish unit in Madrid said in a phone interview. Nobody at the budget ministry was immediately available to comment on the report when contacted by telephone.

To contact the reporter on this story: Charles Penty in Madrid at

To contact the editor responsible for this story: Frank Connelly at

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