Three UK Tax Advisors Arrested Over £132 Million Fraud

Amisha Mehta Deputy Editor London 25 July 2016

Three UK Tax Advisors Arrested Over £132 Million Fraud

The arrests follow an investigation by the UK's tax authority, which reaffirmed its commitment to cracking down on tax dodgers.

Three UK tax advisors have been arrested following an investigation by HM Revenue & Customs into a suspected £132 million ($173 million) fraud involving offshore trusts. 

The three men, who were not named for legal reasons, were a 56-year-old from Greater Manchester, a 67-year-old from Derbyshire and a 59-year-old from Warwickshire.

Their arrests relate to a scheme involving offshore trusts used by professional financial advisors to help UK individuals avoid around £132 million in income tax.

“These arrests show that we are determined to tackle not only those suspected of tax fraud, but also the professionals who we believe abuse their position of trust to help them do it,” Paul Maybury, assistant director of HMRC’s fraud investigation service, said in a statement.

“The vast majority of taxpayers pay the tax they owe, but for those who don’t we will not hesitate to use our full range of powers to ensure that nobody is beyond our reach.”

Earlier this year, in the wake of the Panama Papers scandal, the UK government announced plans to hold corporations criminally liable for failing to prevent the facilitation of tax evasion, either in the UK or overseas. Click here for a guest article from law firm Corker Binning on the matter.

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