UK UNCUT LEGAL has been granted permission to challenge HM Revenue & Customs in the High Court over its ‘sweetheart’ tax deal with investment bank Goldman Sachs.
HMRC entered into a deal in 2010 with the banking giant over the repayment of taxes worth up to £20m.
The activists accuse the taxman of giving the US multinational favourable treatment in the settlement of a tax dispute, letting it off some £10m in interest payments.
On social networking site Twitter, the Revenue said: “HMRC will strongly contest UK Uncut’s High Court application.
“Large business tax settlements are a vital part of securing revenues for UK. Without them UK’s public finances would be seriously damaged.”
In an official statement, the taxman added: “We welcome the judge’s decision to refuse permission for UK Uncut’s application to quash the settlement. We also welcome the opportunity to demonstrate that we acted legally.”
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%
The chancellor has “missed an opportunity” to restore business confidence and encourage UK investment, said Mazars