There’s tax avoidance, tax evasion and, according to Goldman Sachs boss Lord Blankfein, now there’s tax deferral.
The London arm of the great vampire squid paid only £4.1m in corporation tax to the Treasury last year. Despite pocketing £1.9bn in pre-tax profits.
Lord Blankfein’s investment bank received a tax bill of £422.3m for 2011 but has put off paying 99pc of it until next year.
Just to put that in context that’s 38pc of the entire Government annual spend on energy and climate change, and nearly 9pc of UK cash spent on transport last year.
HMRC must be fuming. Maybe not. Last year the tax men “let off” Goldmans to the tune of £10m.
What’s £418.2m between friends eh?