RegulationLegalSenior City workers caught up in HMRC tax probe

Senior City workers caught up in HMRC tax probe

Names emerge of three men arrested as part of film financing tax investigation

THREE senior investment bankers are among the 16 people arrested last week as part of a tax fraud investigation, it has emerged.

Vincent Walsh, until recently a director of Royal Bank of Scotland’s UK equities business, Jason Edinburgh, a senior equities trader at RBS, and Michael Elsom, a senior trader at broking firm Marex Spectron, were among the men arrested last Wednesday in a series of raids resulting from an HM Revenue & Customs investigation into claims of tax fraud, The Telegraph reported.

HMRC said the arrests concerned the financial affairs of the individuals, and were not related to their work for the bank. They have not been charged.
The arrests are the result of a three-year investigation by HMRC into people suspected of evading tax by using a film finance loophole.

In a statement at the weekend HMRC said: “As a result of an ongoing HMRC investigation into tax-related criminal offences, HMRC has arrested a number of people, some of whom work for UK banks.

“This investigation relates to the actions of the people arrested in relation to their own financial affairs, and is not connected to the business activities of the banks.”

Related Articles

EU parliament to launch tax inquiry in the wake of the Paradise Papers

Legal EU parliament to launch tax inquiry in the wake of the Paradise Papers

3m Alia Shoaib, Reporter
HMRC victorious in £1.25bn VAT dispute with Littlewoods

HMRC HMRC victorious in £1.25bn VAT dispute with Littlewoods

7m Alia Shoaib, Reporter
HMRC wins 22 out of 26 tax avoidance cases in 2016-17

HMRC HMRC wins 22 out of 26 tax avoidance cases in 2016-17

9m Alia Shoaib, Reporter
Anti-money laundering legislation may create a two-tier regime

Legal Anti-money laundering legislation may create a two-tier regime

9m Alia Shoaib, Reporter
Court upholds ruling against HMRC’s position in Sports Direct EU VAT case

HMRC Court upholds ruling against HMRC’s position in Sports Direct EU VAT case

9m Alia Shoaib, Reporter
HMRC dawn raids increased by 34% in five years

HMRC HMRC dawn raids increased by 34% in five years

10m Alia Shoaib, Reporter
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

11m Emma Smith, Managing Editor
HMRC receives record number of judicial reviews

HMRC HMRC receives record number of judicial reviews

11m Alia Shoaib, Reporter