Regulators

Five arrested on suspicion of loan charge fraud

Four men and one woman have been arrested on suspicion of fraud in connection with promoting arrangements designed to get around paying the loan charge.

According to HM Revenue and Customs (HMRC), more than 100 of its officers searched a business premises in Birmingham and further addresses in Coventry, Worcestershire, Northumberland, Buckinghamshire and Northern Ireland.

Officers seized computers, other digital devices, as well as business and personal records.

All five people arrested will be interviewed under caution by HMRC officers. The regulator said a sixth person, a 39-year-old woman from Birmingham, will attend a voluntary interview under caution.

A spokesperson from HMRC’s fraud investigation service, said: “Those that enable, promote or facilitate tax fraud are firmly in our sights and we currently have more than 200 such suspected enablers under criminal investigation.

“We are keen to protect the public from those who devise and market fraudulent schemes which at best do not work and at worse mean that people could end up being involved in fraud.”

They added: “People need to think extremely carefully before they enter into any scheme that claims to significantly lower your tax bill. If something looks too good to be true, then it almost certainly is. HMRC’s advice is firmly to steer clear.”

The interventions are the latest in a series where HMRC is investigating fraud offences related to disguised remuneration tax avoidance schemes.

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