Yes, paying £113 million in corporation tax on 2009 profits of £4.85 billion - just 2.4% - is a remarkable achievement for the corporate finance team, who must have been appropriately remunerated for the value they added to the company in structuring the accounts so carefully.
With the new tax rules quietly introduced by this government, it is likely that even less will be paid in future, no matter how much posturing the government does in pretence of getting tough on the bankers.
You see, profits earned outside the UK are taxed at the local rate of corporation tax and only taxed in the UK at the difference (if any) between the UK rate and the rate of the jurisdiction where the profits are made. This government has decided to abolish even that small amount of additional liability, so profits made overseas by companies tax headquartered in the UK will now incur no tax liability at all in this country.
Of course, this all pales into insignificance next to the Vodafone deal, which remains an obscene dereliction of public duty by HMRC in only recovering £1 billion of a £7 billion liability.
All in this together? Yeah, right.