TaxCorporate TaxUK Uncut wins permission to challenge HMRC/Goldman Sachs deal

UK Uncut wins permission to challenge HMRC/Goldman Sachs deal

UK Uncut is granted permission to take HM Revenue & Customs to the High Court over its tax settlement with Goldman Sachs

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.”

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