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-Fear of political embarrassment to Osborne helped Goldman, alleges advocacy group.

Global Banking News-May 3, 2013--Fear of political embarrassment to Osborne helped Goldman, alleges advocacy group(C)2013 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 03 May 2013

Goldman Sachs Group, Inc (NYSE: GS) received a tax waiver of GBP20m in UK taxes as the government fought to shield Chancellor of the Exchequer, George Osborne, from political embarrassment, an advocacy group has said.

The group, UK Uncut, said that Her Majesty's Revenue & Customs reached an agreement with the bank on the day Osborne announced a bankers' code to counter tax avoidance. The deal was reached because of fears that the bank would quit the code.

Ingrid Simler, a lawyer for UK Uncut, said, 'The reputation and standing of officials or of HMRC, and potential embarrassment to a minister, is not a relevant matter to take into account when deciding to waive collection of several million pounds of interest.'

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Publication:Global Banking News (GBN)
Geographic Code:4EUUK
Date:May 3, 2013
Words:170
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