BBC

Goldman Sachs tax deal faces UK legal challenge

Big Banking

UK Uncut has begun legal proceedings to force banking giant Goldman Sachs to pay more to the UK tax authorities.

The pressure group requested a judicial review into a decision by HM Revenue & Customs (HMRC) that let the bank off paying interest on its tax bill.
The shortfall, which HMRC told MPs this week was an error, was estimated by the National Audit Office to be £5m-8m.
However, a whistleblower who worked for HMRC estimated the cost at £20m - a claim that has been rejected by HMRC.
UK Uncut has called for the government to crack down on tax avoidance by large corporations and the super-rich rather than pursue its "unnecessary austerity programme".
Legal firm Leigh Day & Co are taking on the case on a "no win, no fee" basis.
"We wrote to the HMRC in October asking them to quash the deal and reclaim the millions unpaid in taxes from one of the world's richest banks, but received no response," said Richard Stein, human rights partner at the law firm.
"We chased again in November and they claimed they needed more time."
HMRC and Goldman Sachs declined to comment.