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HMRC wields ‘dawn raid’ powers to stop tax cheats

Tax-Taxation-Blocks-700.jpgHM Revenue and Customs is wielding its powers more to stop tax cheats, according to the latest data, which shows the taxman carried out nearly 700 ‘dawn raids’ over the five years to March.

The figure is up a third, as HMRC has also stepped in to tackle tax evasion by doubling its number of prosecutions from 501 to 1067, the FT reports.

HMRC has the power to search businesses suspected of tax evasion, and can often do so early in the morning or without warning.

Law firm Pinsent Masons head of tax told the FT: “By raiding premises, HMRC not only hopes to be able to seize the proof it needs to build its case, but also to clearly show strength and intent which should act as a deterrent to others.”

High profile businesses including football clubs Newcastle United and West Ham United have been subject to the searches.

New rules could see penalties on financial advisers and other intermediaries for ‘enabling’ tax evasion.

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Williams & Glyn cuts staff as RBS pulls sale

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Neptune video: Abenomics: the impetus for Japan’s fast-track recovery?

The remarkable performance of the TOPIX over the past year has caused many sceptical equity investors to look again at the Japanese market. These returns have come despite very significant problems facing the Japanese economy. Chris Taylor, manager of the Neptune Japan Opportunities Fund, discusses these problems and whether Abenomics will be able to overcome them, enabling the market to continue to rise.

In the video, Taylor addresses the following:

• The size and speed of Japan’s unprecedented monetary policy
• Abenomics and the implications should it fail
• Corporate Japan and beneficiaries of government policy

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