MPs label taxman biased to big business in 'systemic failure' of duty

clock

The Public Accounts Committee has issued a damning report on the relationship between Her Majesty's Revenue and Customs (HMRC) and big business.

It comes after allegations of a "sweetheart deal" between the Revenue and Goldman Sachs over its alleged £10m unpaid tax bill, the disclosure of which has led to a whistleblower being disciplined. Margaret Hodge, chair of the accounts committee, said there is a "far too cosy relationship between HMRC and large companies". The report said big businesses are given preferential treatment over individuals and small firms. MPs said it was "completely unacceptable" that HMRC officials negotiated and approved settlements with big businesses unaccountably. They also claimed governance arra...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Aveni forms AI advisory board with wealth management leaders

Aveni forms AI advisory board with wealth management leaders

Senior execs from Aviva’s Succession Wealth, Schroders Personal Wealth, 7IM and Rathbones join forum

Sahar Nazir
clock 01 July 2025 • 2 min read
Majority of UK wealth management sector eyes acquisitions this year

Majority of UK wealth management sector eyes acquisitions this year

Continued appetite and momentum in M&A space

Isabel Baxter
clock 30 June 2025 • 3 min read
How can firms improve client engagement with wealth products?

How can firms improve client engagement with wealth products?

Consumer first focus; Simplifying prodcut information

James Wood
clock 30 June 2025 • 4 min read