UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)

In his witness statement, Mr Kalaris emphasised that he did not know how Barclays had calculated the amount to be paid under the ASA, but said he had “tried to assist by explaining based on [his] experience how it may have been thought of in a commercial and general sense”. Under cross-examination he added that the amount paid to the Qataris was justifiable in terms of value for money.

In closing, Mr Winter again placed reliance on Mr Beauchamp’s follow-up questions, which were about the lack of specifics in the ASA and whether it provided Barclays with anything additional to the stakeholder relationship which had been developed over the course of the capital raising. Mr Winter submitted that it was clear from those questions that Mr Beauchamp was not asking about whether the sum paid was calculated by reference to the capital raising, but instead asking whether genuine services were to be provided under the ASA.