HMRC

The number of HMRC investigations into serious tax fraud and avoidance has fallen to the lowest level in six years, new figures show.

Total investigations, known as Code of Practice eight and nine cases, fell from 1,091 in 2022-23 to 480 in 2023-24, according to the Financial Times.

Cop9 probes, which encompass the most serious tax cases such as the Hirst brothers and Bernie Ecclestone, fell from 669 in 2019-19 to 268 in 2023-24.

European Union finance ministers agreed on Tuesday on new rules for value-added tax (VAT) on digital transactions aimed at tackling fraud and boosting competitiveness.

"Today’s agreement makes life easier for taxpayers, tackles fraud and promotes fair competition," said EU Finance Commissioner Paolo Gentiloni.

https://www.msn.com/en-gb/money/other/eu-finance-ministers-agree-on-new-rules-to-tackle-vat-fraud/ar-AA1tyqeB

Research and Development (R&D) tax credits were first introduced for small and medium business enterprises in 2000 to encourage scientific and technological innovation within the United Kingdom.

On 30 October 2024, the Government published its highly anticipated Autumn Budget 2024 (the "Budget"). Among measures promised to "fix the foundations of the economy" is the Government's commitment to implement "the most ambitious ever package to close the tax gap," including by "taking stronger action on the most egregious tax fraud" and "enhancing HMRC's powers and sanctions against tax adviser facilitated non-compliance."

https://www.mondaq.com/uk/tax/1540194/hmrc-rd-fraud-arrests-a-new-era-for-tax-enforcement

A wealthy Cairngorm landowner was caught up in an alleged £800m money laundering and fraud scam that allegedly “cheated” investors out of their money, The Ferret can reveal.

Liechtenstein businessman Alexander Bryan Jeeves and his financial services firm, Jeeves Group, were listed among defendants in a series of US civil court cases spanning from 2007 to 2016.

Apair of Warwickshire brothers have been jailed for a £1 MILLION HMRC tax fraud where they pretended to make three films in the UK. Carl Rees and Craig Rees, aged 52 and 50, were found guilty of submitting fraudulent claims for Film Tax Relief and VAT to HMRC.

The jaw-dropping fraud totalled more than £1m and saw the pair claim the cash for films that were never made in the UK, or at all.HMRC proved in court that the pair had claimed their first film Whispers was made in the UK, when it was an American-made film, while their second film, The Eight, was entirely made up.

A new report shows HM Revenue and Customs (HMRC) has slashed the tax gap on illicit cigarettes and tobacco by more than half since 2005.

Between April 2023 and March 2024 HMRC also secured prison sentences totalling 148 years against 107 cigarette and tobacco fraudsters.

In the same period, more than 1.3 billion illicit cigarettes have been seized, worth more than £678m in tax, along with hand-rolling tobacco worth £41m.

His Majesty’s Revenue and Customs (HMRC), the government department responsible for the collection of taxes and administration of regulatory regimes, has ramped up its anti-fraud initiatives, injecting almost £300m into fraud staff.

The data was collected under the Freedom of Information Act (FOI), and analysed by Basware, observing HMRC’s fraud spending and fraud prevention programmes between 2021 and 2024.

Department predicts further pressure on service standards as tax base grows due to frozen thresholds.

HM Revenue and Customs has warned that it may struggle to deliver the 2024-25 savings target it was set at the last spending review because of rising costs.

https://www.civilserviceworld.com/news/article/hmrc-warns-of-challenge-to-deliver-efficiency-target

Billions of pounds of taxpayer's money have been lost to error and fraud in tax schemes designed to encourage research and development in business.

Critics say some companies are claiming the tax breaks even if they are not doing any research or development, the BBC reported today.

HMRC's latest accounts reveal £4.1bn has been squandered since the schemes were introduced in 2020. It said the levels of error and fraud were "unacceptable".

The figures come as the new government rows with the old one about a hole in the public finances.

Two property developer brothers have been sentenced for stealing more than £3.2 million in an offshore tax scam.

Stephen Hirst, 62, and his brother Michael, 55, both from Yorkshire, used offshore companies in overseas territories to hide money from the sale of land in Wakefield to evade paying tax.