Bloomberg News

U.K. Tax Authority Made ‘Mistake’ in Goldman Interest Reprieve

October 12, 2011

Oct. 12 (Bloomberg) -- Her Majesty’s Revenue and Customs, the U.K. tax authority, “made a mistake” in granting Goldman Sachs Group Inc. a reprieve on the interest it owed on bonus payments, HMRC Permanent Secretary for Tax David Hartnett said.

The U.K.’s most senior tax official was answering questions from a parliamentary committee on his role in an agreement with Goldman in December, which resulted in the U.S. investment bank paying tax it owed but foregoing interest payments.

The reprieve was worth “less than 10 million pounds” to Goldman Sachs, Hartnett said. He declined to elaborate further, citing tax confidentiality rules.

To contact the reporter on this story: Liam Vaughan in London at

To contact the editor responsible for this story: Keith Campbell at

Cash Is for Losers
blog comments powered by Disqus