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Whoops - Taxman 'accidentally' Fails To Collect Tax From Banksters

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Yes, all those bankstering shenanigans in the City are good for the public as it means more tax ..... rrrrrright. <_<

Grauniad

Britain's tax authorities have given Goldman Sachs an unusual and generous Christmas present, leaked documents reveal. In a secret London meeting last December with the head of Revenue, the wealthy Wall Street banking firm was forgiven £10m interest on a failed tax avoidance scheme.

HM Revenue and Customs sources admit privately that the interest-free deal is "a ****-up" by officials, but refuse to say who was responsible.

Documents leaked to Private Eye magazine and published in full by the Guardian record that Britain's top tax official, HMRC's permanent secretary Dave Hartnett, personally shook hands on a secret settlement last December.

So yet again we see that a bank can take a risk and if it goes belly up, the public takes the hit. Quelle surprise.

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Yes, all those bankstering shenanigans in the City are good for the public as it means more tax ..... rrrrrright. <_<

Grauniad

So yet again we see that a bank can take a risk and if it goes belly up, the public takes the hit. Quelle surprise.

I don't understand.

What is a 'failed' tax-avoidance scheme? One that results in tax having to be paid?

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I don't understand.

What is a 'failed' tax-avoidance scheme? One that results in tax having to be paid?

Failure to deliver a brown envelope?

Edited by PopGun

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I don't understand.

What is a 'failed' tax-avoidance scheme? One that results in tax having to be paid?

Yes - it appears they tried to dodge tax but got it wrong. However, the tax authorities accidentally agreed to let them off paying the tax anyway in a secret deal. Which now that it's in the public domain appears to have a been a 'mistake' which magically, no-one can be held accountable for.

Don't you love the way our kreptocracy works?

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London riots: Lidl water thief jailed for six months

6 months jail for £3.50.

£10 million debt forgiveness for failed tax avoidance.

Interesting set of priorities.

Indeed, when will people join the dots? Probably never. I can't see many mainstream media sources pointing out this sort of disparity in the way we treat people who loot and steal.

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London riots: Lidl water thief jailed for six months

6 months jail for £3.50.

£10 million debt forgiveness for failed tax avoidance.

Interesting set of priorities.

Different rules apply to different sets of looters.

The rioting looters are obviously complete scum who must be punished to the full extent of the made-up law via Cameron's newly constructed Kangaroo Courts, filthy Banskers on the other hand do their stealing wearing nice shiny suits via computer without the torching of any buildings so that is perfectly OK.

Personally I've more respect for the former as their actions are less cowedly :ph34r:

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WHAT THE FAKK. This may just be an attention grabbing headline but it sure worked on me. THEY ARE ALL IN ON IT. Has the head of the taxmen just landed himself a nice little job at GS then or was it a simple matter of a backhander? Or is this just to cover up the HMRC cover up some even bigger foul up?

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London riots: Lidl water thief jailed for six months

6 months jail for £3.50.

£10 million debt forgiveness for failed tax avoidance.

Interesting set of priorities.

Six months jail = £20,000 (which will double if said convict 'develops' an addiction problem).

+ Court/Magistrate/Police costs.

For £3.50 worth of 'theft' (I doubt there were many cashiers available to make payment to).

If this doesn't make people open their eyes, nothing will.

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Not sure why the OP of this thread just didn't add to the thread from yesterday ??.

I do find it amusing how some people immediiately believe the story, because its in the newspaper & a secret source has said its true :P:P:P

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I do find it amusing how some people immediiately believe the story, because its in the newspaper & a secret source has said its true :P:P:P

Here are the minutes of the meeting between GS and HMRC, scanned for the pleasure of conspiracy theorists everywhere :rolleyes:

http://www.guardian.co.uk/business/interactive/2011/oct/11/minutes-meeting-goldman-sachs

This is how modern capitalism works. The rich avoid paying tax, the middle and low earners have to carry them. We are all in it together, it's just that some of us are more in it than others... <_<

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Yes - it appears they tried to dodge tax but got it wrong. However, the tax authorities accidentally agreed to let them off paying the tax anyway

Actually it says that they forgot to ask them to pay interest on the back tax that they had to pay, which is not the same thing

tim

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Yes - it appears they tried to dodge tax but got it wrong. However, the tax authorities accidentally agreed to let them off paying the tax anyway in a secret deal. Which now that it's in the public domain appears to have a been a 'mistake' which magically, no-one can be held accountable for.

Don't you love the way our kreptocracy works?

From what I read of the story, the forgiven sum is the interest on the late payment. GS paid the tax owed, but there was a £10m interest bill on the outstanding amount. For whatever reason this was forgiven, but HMRC's interest rates are punitive, so I suppose that in this case the tax dodge attempt was not so egregious that HMRC could be talked into waiving the charge. From the article I read, this was £10m interest on a tax bill of £30m!

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London riots: Lidl water thief jailed for six months

6 months jail for £3.50.

£10 million debt forgiveness for failed tax avoidance.

Interesting set of priorities.

Or a threat of prison for ebay shilling, when precious metal market manipulations go unpunished.

Or demands for business rates and a zoo licence for a not-for profit Cornwall tortoise sanctuary, when Peninsula second home owners leave perfectly good homes vacant whilst paying half council tax.

Or a ban on blackberry picking to protect the environment whilst the supe-car owners get to produce 25% more greenhouse gases thanks to a proposed rise in speed limits.

How long before we see state sanctioned canibalism to reduce dole queues?

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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