Goldman Sachs ‘escapes paying $16million bill in sweetheart deal with the taxman’

Emma Reynolds
Mail Online

November 7, 2011

Anger at Goldman Sachs is growing after it was claimed the taxman let the banking giant off a £10million bill for fear of reopening a £30m legal dispute over bonuses.

Goldman received a ‘sweetheart’ deal in which HM Revenue and Customs waived interest on a bill for National Insurance contributions on bankers’ bonuses, according to the Financial Times.

The bank owed the Government £30m in back taxes after moving bonuses offshore – and this amounted to £40m including interest.

The HMRC admits to errors over governance procedures and to failing to collect the £10m interest – in the mistaken belief there was a ‘legal impediment’ to doing so.

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