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UK - Goldman Sachs 'Escapes Paying $15 Million Bill In Sweetheart BONUS Deal With The Taxman'

UK Daily Mail

Anger at Goldman Sachs is growing after it was claimed the taxman let the banking giant off a £10million bill for fear of reopening a £30m legal dispute over bonuses.  Goldman received a 'sweetheart' deal in which HM Revenue and Customs waived interest on a bill for National Insurance contributions on bankers' bonuses, according to the Financial Times.

The bank owed the Government £30m in back taxes after moving bonuses offshore - and this amounted to £40m including interest.

The HMRC admits to errors over governance procedures and to failing to collect the £10m interest - in the mistaken belief there was a 'legal impediment' to doing so.

But Dave Harnett - top tax official at HMRC - is today appearing before MPs at a hearing of the Commons public accounts committee to deny that a sweetheart deal was involved.

The Revenue's apparent failure to reopen the case after finding the error has angered MPs, who point out that small businesses and taxpayers are rarely given similar concessions.

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Reader Comments (3)

France to unveil new austerity steps

Sarkozy tries to rein in debt; Berlusconi ignores resignation calls

Nov 7, 2011 at 12:42 PM | Registered CommenterDailyBail
HONG KONG (MarketWatch) -- Greek news media reported Sunday that Athens has terminated agreements with Deutsche Bank, BNP Paribas, and HSBC -- the three banks hired to advise on the private-sector writedown of Greek debt as part of the debt deal agreed July 21 at the European Union summit.

Nov 7, 2011 at 12:43 PM | Registered CommenterDailyBail

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