This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-22552109

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
HMRC wins Goldman Sachs court case HMRC wins Goldman Sachs court case
(34 minutes later)
The campaign group UK Uncut Legal Action has lost its High Court action against HM Revenue and Customs (HMRC). HM Revenue and Customs (HMRC) has won its case in the High Court, where it had been accused of illegally letting investment bank Goldman Sachs off part of its tax bill.
The group had claimed that HMRC had acted illegally when it agreed to let the investment bank Goldman Sachs off part of its tax bill. The campaign group UK Uncut Legal Action had claimed that the taxpayer had been cheated of up to £20m.
UK Uncut Legal Action said the taxpayer had been cheated of up to £20m in national insurance contributions. It said HMRC had let Goldman Sachs off the hook through a "sweetheart deal".
HMRC said it had changed its practices since it made the agreement with Goldman Sachs. The judge ruled the deal was "not a glorious episode in the history of the Revenue", but said it was not unlawful.
HMRC said it had changed its practices since it made the agreement with Goldman Sachs in 2010.
It also said that the maximum that had been lost to taxpayers was £8m.
"Large business tax settlements are a vital part of how HMRC secures tax revenues for the country," HMRC said in a statement afterwards.
"And without them, Britain's public finances would be seriously damaged."
"Reasonable" deal
But the group behind the legal action said it was important that the country knew more about so-called "bespoke settlements", where the tax authorities make private deals with big companies.
"We are disappointed we've lost the case," said Anna Walker of UK Uncut Legal Action.
"But it has exposed the truth behind these backroom deals," she told the BBC.
"The government talks tough on tax, but does not do much," she added.
The deal between Goldman Sachs and HMRC, in which the bank was excused interest payments on National Insurance contributions, was declared "reasonable" in a report by the National Audit Office.