Tax bosses are facing an inquiry into how they strike deals with multinationals following accusations that Vodafone was let off a £6bn bill.
The National Audit Office (NAO) yesterday confirmed it was in the "early stages" of the probe and will look into how tax inspectors reach settlements with large firms, the Daily Mail reports.
An NAO spokesman says: "We are reviewing HMRC's procedures for resolving tax disputes.
"Given Vodafone and other similar cases, we thought it would be a good idea to look at the procedures by which the settlements are reached.'
The tax office has come under scrutiny over allegations that Vodaphone was let off a £6bn bill The results of the review will be published in July.
Morgan Stanley awards staff $16bn as profits triple
Morgan Stanley continued the bonus bonanza on Wall Street and in the City today after its remuneration pot rose by more than 8% to an average of $255,000 (£160,000) per employee, the Guardian reports.
The Wall Street firm said it had set aside $16bn to pay bonuses, salaries and benefits in 2010, up from $14.4bn a year ago, just a day after Goldman Sachs was accused of "sticking two fingers up to austerity Britain".
Goldman handed its staff a $15.3bn pay and bonus pool. Its 6,000 staff in London, and others around the world, learn the size of the individual payouts today.
Morgan Stanley revealed the size of its pay bill for 2010 as it announced profits had more than tripled to $4.5bn in 2010 from $1.3bn for 2009.
Revenue, out of which bonuses are paid, rose 35% to $31.6bn, although that figure fell short of expectations after trading revenue was lower than predicted.
The chairman doggedly tries to be amusing
'Profitability is almost a myth'
Active Wealth in liquidation
Cautious welcome for volatility
Report output options