Approximately 16 people are believed to have been arrested last Wednesday following HMRC's recent spate of arrests involving serious tax fraud. It has been reported that amongst those detained include four current and one former member of RBS, together with city based employees from US bankers Jefferies and commodities broker Marex Spectron.
The arrests were the culmination of a three year investigation by HMRC into those suspected of tax evasion by exploiting a film finance loophole. All arrests were in relation to the financial affairs of the individuals and not connected with the business activities of their employers.
HMRC tax raids are not that commonplace because of the drain they place on both time and manpower resources, so for the Revenue to have taken this action suggests that there may have been some deliberate wrongdoing rather than a technical argument.
These latest arrests serve as further notice to wealthy tax evaders that HMRC are serious in their campaign to root them out, close the tax gap and bring in much needed revenue for the Treasury.
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