Two men serving 7 years in prison for UK VAT fraud each received an extra 10 years because they failed to repay profits from their crimes within the time required under a confiscation order.
The men were part of a 21 strong gang which carried out an elaborate VAT dodge known as “carousel fraud” or “missing trader fraud”.
They imported computers into the UK free of VAT from another EU country and then purported to sell them through a chain of several sham transactions, each time for a reduced price. Finally the computers were exported out of the UK to yet another EU country. The net effect all this were VAT refunds totalling at least $USD200m funding lives of luxury for the perpetrators.
Some will go to extraordinary lengths to rip of taxpayers. It’s hardly surprising our own tax authority is increasingly on the look out for this sort of activity.
http://iainblakeley.com/wp-content/uploads/2017/01/name-1-300x72.png00Iain Blakeleyhttp://iainblakeley.com/wp-content/uploads/2017/01/name-1-300x72.pngIain Blakeley2010-09-27 10:35:062010-09-27 10:35:0617 years in prison for VAT fraud
Barrister, Director and Consultant specialising in tax, family enterprise governance and succession, helping start ups and entrepreneurial enterprises grow safely and international expert on value added tax policy and implementation.