The National Audit Office has begun its investigation into the controversial Mapeley Steps PFI deal with the Inland Revenue which saw £220m worth of the taxman's property being sold to a company taking advantage of tax avoidance schemes.
Link: Revenue denies compensation story
The deal saw an intense period of criticism for the Revenue and its chairman, Sir Nicholas Montagu, with many commentators calling for his resignation.
The probe will be the second investigation into the property deal after Treasury Select Committee officials revealed early last month that they were ‘astonished and seriously concerned’ by the ‘serious failures’ of the Revenues actions.
In the published report the Committee called for the NAO to look into the deal to determine whether value for money had been achieved for the tax payer. This seems beyond doubt, as the deal with Mapeley certainly saved the Revenue money. A spokesman for the NAO said it expects to report on its findings ‘late 2003’.
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