The head of HM Revenue & Customs (HMRC) is to be quizzed by MPs this afternoon over claims he allowed Goldman Sachs to escape £10m in interest payments on an offshore tax avoidance scheme.
Leaked documents allege that Dave Hartnett, the permanent secretary for tax at HMRC, personally approved the agreement with the Wall Street bank last December. The UK government had been seeking a settlement regarding more than £30m in back taxes it said Goldman owed. Including interest, this amounted to about £40m, according to the Guardian newspaper. However, it is alleged that, thanks to the deal negotiated with Hartnett, Goldman was able to pay just the accrued taxes and avoid the £10m interest payment. HMRC strongly disputes the charges, but Hartnett will be questioned today b...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes