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British NGO challenges Goldman tax deal

[May 02, 2013]  LONDON (AP) -- A British non-governmental organization is challenging what it calls a "sweetheart" tax deal between U.K. authorities and Goldman Sachs.

UK Uncut Legal Action, which campaigns against tax avoidance, is challenging the deal before Britain's High Court on Thursday. The group wants a High Court declaration saying it was unlawful for the investment bank to avoid a multimillion pound interest bill on unpaid tax on bonuses.

UK Uncut says taxpayers are out 20 million pounds ($31 million), though the potential cost is officially put at 8 million.

The group says the deal was unlawful because it breached the rule that tax payers should be treated equally.

Tax officials say they will contest the case, arguing that such tax deals with corporations are on the whole beneficial to public finances.

[Associated Press]

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