Fraud probe turns to utilities

September 2009
Utility Week;9/4/2009, p30
Trade Publication
The article reports on the possibility that utilities and others trading carbon credits in Great Britain may be subjected to investigations into a multi-million pound fraud by Her Majesty's Revenue and Customs (HMRC). The investigations stemmed from the arrest of seven people linked to a value added tax (VAT) fraud worth 38 million British pounds. France and the Netherlands are also investigating such frauds.


Related Articles

  • COPS AND CARBON ROBBERS. DONALD, SARAH // Accountancy;Dec2009, Vol. 144 Issue 1396, p84 

    The article discusses the response of Great Britain's government to a form of Value Added Tax (VAT) fraud regarding fraudulent carbon trading. Great Britain's HM Revenue and Customs (HMRC) department gave carbon credits a zero rating for VAT to avoid its fraudulent trading. Why the HMRC was...

  • Carbon market fears over 'carousel' fraud. Wood, Janet // Utility Week;7/24/2009, p6 

    The article reports that Her Majesty's Revenue and Customs (HMRC) of Great Britain has warned that the international market for carbon credits is vulnerable to carousel or missing trader fraud. This type of fraud enables fraudulent traders sell products across borders and pocket the value-added...

  • HMRC gets tougher on carousel fraud. Quicke, Simon // MicroScope;5/28/2007, p16 

    The article reports that changes to reverse charges to VAT is due to be introduced by HM Revenue & Customs as part of its attempt to tackle Missing Trader Intra-Community fraud. The changes cover computer chips and mobile telephones and place responsibility for accounting the VAT on the...

  • It's time to take duty fraud seriously. Emmas, Carol // Harpers Wine & Spirit;8/16/2013, Issue 108, p14 

    The article presents wine duty fraud in Great Britain. It makes reference to the 5 million British pound duty and value added tax fraud on smuggled Italian wine discovered in March 2013 by His Majesty's Revenue and Customs wherein two men were found guilty and jailed. Comments from Keith Webb of...

  • HMRC DEMOLISHES BOGUS BUILDERS' £4M VAT FRAUD.  // Accountancy;Mar2014, Vol. 152 Issue 1447, p4 

    The article discusses a fraud investigation of Her Majesty's Revenue and Customs department in Great Britain, reporting that eleven members of a gang have been sentenced for their participation in a building industry scheme involving fraudulent value-added taxation refunds as of March 2014.

  • Adviser jailed for two years over VAT fraud. Holt, Natalie // Fundweb;12/20/2012, p3 

    The article reports that financial adviser Peter Rose has been jailed for value added tax (VAT) fraud case in Great Britain. It mentions that he charged money from clients which he never paid to the HM Revenue & Customs. It mentions that ose offered pension advice, accountancy and book keeping...

  • Customs clamps down on VAT fraud.  // Financial Management;Apr2004, p6 

    Discusses a report from the National Audit Office that reveals that HM Customs & Excise is beginning to win its battle against the scourge of 'missing trader fraud' in Great Britain. Revenue lost to fraudsters who fail to declare value added tax (VAT)due on goods they buy tax-free from other...

  • Costly delay.  // MicroScope;11/20/2006, p12 

    The article discusses the delay in the introduction of new measures to combat carousel fraud by Her Majesty's Revenue & Customs in November 2006. The measure was designed to combat carousel fraud which is generating enormous tax losses in British tax revenue. The delay is said to be due to...

  • Carousel fraud.  // Accountancy;Mar2006, Vol. 137 Issue 1351, p116 

    This article presents updates on the latest VAT developments including a decision by the European Court of Justice that holds that innocent parties can reclaim VAT charged to them if they are unaware of tax fraud in the transaction. Revenue has decided to use a reverse charge mechanism by having...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics