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Three advisers arrested over £132m tax fraud

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Three financial advisers have been as arrested in relation to suspected £132m tax fraud following police raids in the Midlands and north yesterday morning.

The men – aged 56,67, and 59 – were arrested following an HMRC investigation into a scheme involving offshore trusts used by “professional financial advisers” helping individuals avoid around £132m in income tax.

HMRC fraud investigation service assistant director Paul Maybury says: “These arrests show that we are determined to tackle not only those suspected of tax fraud, but also the professionals who we believe abuse their position of trust to help them do it.

“The vast majority of taxpayers pay the tax they owe, but for those who don’t we will not hesitate to use our full range of powers to ensure that nobody is beyond our reach.”

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  1. If it is tax avoidance, rather than tax evasion, I do not understand how they are breaking the law.

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