Revenue wins £1m confiscation appeal
A ground-breaking confiscation order awarded against a Manchester businessman following his conviction for tax fraud has been upheld by the court of appeal.
A ground-breaking confiscation order awarded against a Manchester businessman following his conviction for tax fraud has been upheld by the court of appeal.
Link: Jail threat over laundering rules
58-year old Jim Foggan of Swinton, had appealed against the confiscation order, after pleading guilty in May 2001 to defrauding the Inland Revenue by diverting over £1m of income belonging to his company into a private bank account.
Under the terms of the confiscation order, it had been ruled that the amount should reflect the full value of the diverted funds – £1,068,441 – as opposed to the amount of tax and interest lost to the crown – £450,398 – as a result of the fraud. Foggon had appealed on the grounds that the order should have reflected only the amount of tax lost.
The upheld ruling fully supports the Inland Revenue’s stance in seeking to confiscate the full proceeds of the crime obtained by the convicted tax fraudster.
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article