Taxing Matters

Have you ever wondered what happens behind the scenes of an investigation?In this episode of Taxing Matters, we discuss the role of the investigator in asset tracing, how they support clients and add value, and some common misconceptions about the traditional image of investigators, with Phoebe Waters.Phoebe is an asset tracing specialist and Chair of the Female Fraud Forum. She is also a champion of women in the industry. Winner of Management Today’s 35 Women under 35 2021.References·The Female Fraud Forum

The tax gap refers to the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. To help narrow this gap, HMRC has been granted a number of powers over the years, including those aimed at tackling tax avoidance. The Finance Act 2022 providedHMRC with additional powers to enable it to proactively clamp down on promoters of tax avoidance schemes, challenge misleading information and 'name and shame' connected individuals.In this episode we ask Danielle Ford, Head of Tax Disputes & Resolutions at haysmacintyre, how HMRC will use these new powers, the key issues that may arise and the impact they could have. References·Measuring tax gaps 2021·Rise in HMRC demands for information from professional services firms on suspected tax evading clients·Tax fraud: The rise of the professional enabler·Unpaid taxes: the ‘tax gap’

In March 2022, the Economic Crime Transparency and Enforcement Act came into force after it was fast-tracked through Parliament in response to urgent calls for the UK's economic crime laws to be tightened.The new legislation introduces further sanctions powers and aims to tackle financial crime by revealing the identities of overseas beneficial owners of UK property. We asked Tom Godfrey whether this important piece of legalisation is likely to be effective and achieve its aim? Tom, a barrister at 23ES, is a recognised leader in the field of corporate crime and has been instructed on some of the most complex financial crime cases of recent times.References·Tackling economic crime and sanctions evasion·Corporate Crime Reform: A comparative guide·The complicated question of corporate criminal liability

In previous episodes we have discussed the myriad of ways HMRC collects information on individuals and businesses. Whether through international agreements, information provided on a voluntary basis, as a consequence of a legal duty to report, or through its information gathering powers, the Revenue holds an abundance of information relating to taxpayers.In this episode, we discuss the important question of what exactly can HMRC do with your information? Keziah Mastin joins us to help shed light on this important issue and explain the powers HMRC has when dealing with taxpayer information – and what restrictions apply. Keziah is the newest member of our Tax and Financial Crime team having recently joined from HMRC's Solicitor's Office, where she specialised in a variety of things including strategic litigation, international trade and customs policy.References·Connecting the dots·The Common Reporting Standard: An HMRC game changer?

In a much-anticipated podcast we revisit the multi-billion tax trading scandal known as Cum-Ex, and consider recent developments and discuss why this rapidly expanding cross-border tax fraud remains of interest 5 years after it was first exposed.With so many twists and turns since Bloomberg journalist Donal Griffin first covered the Cum-Ex fraud on Taxing Matters episode 12 back in December 2020, we are delighted to be joined by barrister David Stern, to discuss recent developments.David is Joint Head of the Regulation and Business Crime Practice Group at 5 St Andrews Hill Chambers, and is currently retained by several clients with exposure to the on-going Cum-Ex trading investigations and is a leading expert in this specialised area.References·Cum-Ex - probably the biggest tax scandal you've never heard of·The Cum-Ex trading scandal: What are the implications for the UK? | Articles | 5SAH·PRIN 2.1 The Principles - FCA Handbook·COBS.pdf (fca.org.uk)·Market Watch 52 (fca.org.uk)·Criminal Finances Act 2017 (legislation.gov.uk)

In a follow up to the episode Blockchain: Revolutionary technology… or the perfect opportunity for fraudsters, we are delighted to be joined by Michael Goodwin QC to delve deeper into the legal landscape of crypto fraud. Michael, a highly regarded Silk at Red Lion Chambers, is an eminent white collar crime practitioner described by Legal 500 as a “serious heavy-hitter in criminal fraud".While crypto is increasingly challenging traditional finance systems and fast becoming a mainstream alternative, it has also provided an opportunity for criminal behaviour. With increasing numbers of people falling victim to crypto fraud, this episode focuses on the criminal law in this important area of the law.References·Crypto Fraud and Asset Recovery Network·HMRC internal manual: Cryptoassets