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Inland Revenue boosts security after CGT man&#39s insider dealing

The Inland Revenue is strengthening security on clearing procedures

following the admission of insider dealing by a middle manager in its

capital gains clearance section.

Lawrence Champion pleaded guilty to 13 counts of insider dealing at

Warwick Crown Court last week. His criminal activity netted him just over

£15,000.

Champion was one of three people within the Revenue&#39s Solihull capital

gains clearing section who were privy to price-sensitive information on

company takeovers.

The Revenue confirms Champion was the only employee being investigated by

the Department of Trade and Industry.

But a Revenue spokesman says the other two employees who also had access

to the data have now been moved to other sections although he says there is

no evidence they were involved in similar activities.

Internal auditors are currently examining security on this type of

clearing action. Staff in sections which deal with sensitive information on

a regular basis have been issued guidance notes which require them to tell

their managers about all their share transactions.

Champion&#39s case has been adjourned for pre-sentence reports to be carried

out and the sentencing has still to be fixed.

Revenue board chairman Nick Montagu says: “When we learnt that Lawrence

Champion appeared to have used confidential information for his own ends,

we took immediate steps to improve the security of our systems.”

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