Barclays alerted HMRC to 'highly abusive' tax schemes We do not take today's action lightly, but the potential tax loss from this scheme and the history of previous abuse in this area mean that this is a circumstance where the decision to change the law with full retrospective effect is justified. Barclays said it respects the decision of HMRC and the Government to adjust the tax laws and said the retrospective change in legislation enacted would not have a material impact on Barclays profits and would not cause Barclays to alter its full-year results. Signatories to the Banking Code of Practice on Taxation include some of the City's best-known names, including Barclays, Lloyds Banking Group and Royal Bank of Scotland.