As the FT has reported, possibly in the context of the UK UNcut legal action today:
HM Revenue & Customs has responded strongly over a leaked memo concerning £4.5bn of tax deals with big business, ahead of a High Court hearing on Thursday about the legality of a controversial settlement with Goldman Sachs.
Lin Homer, permanent secretary of HMRC wrote to Margaret Hodge, chair of the public accounts committee defending the department's position after the leak of a memo that reportedly said that “£4.5bn . . . has come from just four settlements with bespoke governance”.
Ms Homer said the reason the figure was larger than the £3.6bn quoted in a National Audit Office investigation into the settlement of the four deals was that it factored in revenue flows resulting from the settlement.
So what we now know is that HMRC understated the value of their sweetheart deals to parliament and are now in a panic about it.
I think they will find that in all things to do with tax telling the truth pays. Why's it a lesson they are finding so hard?
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