View more on these topics

Revenue Sipp swoop in fraud investigation

IFAs and Sipp operators are among 11 people arrested in relation to a suspected £2.5m tax relief fraud involving bogus pension schemes.

The individuals were arrested after raids in the North-west and Midlands and have been bailed until September. Fourteen premises were searched, including homes in Merseyside, Greater Manchester, Staffordshire, Worcestershire and Cumbria. Documents, paperwork, mobile phones and computers were seized.

HM Revenue & Customs officers have been investigating the suspected fraudulent use of tax relief repayments linked to pension schemes marketed by a number of UK financial firms.

The case involves the suspec-ted fraudulent reclamation of income tax relief on pension contributions contrary to the pension tax rules under Part 4 of the Finance Act 2004.

HMRC assistant director criminal investigations North West Mike O’Grady says: “This is an unusual investigation into what we believe to be an organised attack on tax relief available on self-invested pension schemes.

“We do not expect to know the full scale of this suspected fraud until we have assessed all the evidence collected.”

FSA small firms division head of investments Linda Woodall says: “We are monitoring the financial firms involved and will take action if it is appropriate to do so within our remit.”

Recommended

Heavyweights clash on defensives

Richard Buxton and Neil Woodford, two high-profile British equity managers, are at odds on their view of traditional defensive stocks.Woodford, who runs more than 18 billion in equity income portfolios and mandates for Invesco Perpetual, has long favoured companies in the pharmaceuticals, telecoms, tobacco and utilities sectors.But Buxton, the manager of the 1.4 billion Schroders […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com