British court hears Goldman deal was face saver

Britain’s tax authority approved a deal with Goldman Sachs partly because the US bank was threatening to pull out of a new tax code, which would have embarrassed the government, a court heard on Thursday.

Activist group UK Uncut Legal Action has asked the High Court to declare that the 2010 settlement between Goldman and the tax authority (HMRC), worth up to 20 million pounds (HK$241.3 million) to the US bank, was unlawful.

via Business feed http://www.scmp.com/business/banking-finance/article/1229056/british-court-hears-goldman-deal-was-face-saver