Carousel fraud could be worth £5bn this year, according to calculations by
The Guardian newspaper.
The paper today reports that the scale of the frauds has increased, and,
using trade estimates, has estimated that the value of the frauds could have
tripled. HMRC says that the frauds are currently worth between £1.1bn and
The frauds are the taxman’s number one fraud priority, and though it accepts
activity has increased, has also instituted a number of measures to combat the
It says HMRC has passed estimates to the ONS suggesting a tripling of the
problem since 2004, and quotes a Treasury official saying: ‘There is no doubt
the sums involved are rising very rapidly.’
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group