UK tax authority arrests carbon fraud suspects
The UK's tax authority HM Revenue & Customs (HMRC) has arrested seven people on the suspicion of a £38 million VAT fraud involving the trading of carbon emissions allowances.
The seven people, suspected of perpetrating VAT carousel fraud on carbon credits in the EU Emissions Trading Scheme (EU ETS), were arrested in the Gravesend and Greater London areas and 27 properties, both business and residential, were searched in early morning raids yesterday.
VAT carousel fraud occurs when goods are imported VAT-free and then sold on to domestic buyers at a price that includes VAT. The perpetrators then disappear without paying the tax to the government.
The UK government
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