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UK Uncut to get its day in court on June 13th

UK Uncut to get its day in court on June 13th

Contractor accountants may be interested to learn that UK Uncut, the activist group that is against the government’s spending cuts, has won the right to take HMRC to court over its dealings with Goldman Sachs.

Now referred to as a ‘sweetheart deal’, HMRC let Goldman off paying £10 million in interest on its unpaid taxes back in 2010. The Revenue will now have to defend that move in court.

Last December, Revenue chief Dave Hartnett told a parliamentary committee that the department had gone ahead and struck the deal without consulting lawyers. Furthermore, he admitted that HMRC should have insisted that Goldman Sachs paid interest on the £24 million it owed the taxman after the bank spent years trying to avoid paying National Insurance contributions on the bonuses it paid its UK staff.

Last week, Goldman Sachs posted last quarter profits of £1.32 billion and so far it has made no move to oppose the hearing.

The Revenue has a policy of not commenting on litigation that is ongoing and Goldman Sachs also refused to make any comment when the news of the hearing broke.

A preliminary permission hearing will take place in the high court on the 13th of June. If a whistleblower is to be believed, Goldman could owe the UK taxman nearer to £20 million.

UK Uncut director, Tim Street, said he was delighted that the group was getting the opportunity to present its arguments in court and is looking forward to receiving the judge’s permission for a judicial review into the affair to go ahead.

© 2012 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: DSCN5206 by Sweet One

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