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The Low Carbon Economy Ltd

20 Aug 2009 11:08:13

Arrests in carbon credits fraud case



Arrests in carbon credits fraud case
HM Revenue & Customs (HMRC) officers have made seven arrests in an investigation into carbon credits fraud worth a suspected £38 million.

The trading of emissions allowances is the subject of the case, with individuals from the Greater London and Gravesend areas being questioned.

More arrests are likely, the HMRC said, while 27 residential and business properties have been searched.

An organised group illegally trading carbon credits that are worth substantial amounts is believed to be behind the suspected fraud.

Les Beaumont, deputy director of criminal investigation for HM Revenue & Customs (HMRC) said: "HMRC investigates all criminal attacks on the tax system, halting theft of revenue, gathering evidence and supporting prosecutors in bringing offenders before the courts.

"The government took decisive action to prevent this type of fraud recurring by zero rating carbon credits for VAT."

Having bought credits from abroad free of VAT, the firms then sell them to UK companies at prices including the value-added tax.

Carbon credits have been zero rated for VAT purposes since July 30th.

http://nds.coi.gov.uk/Content/Detail.aspx?NewsAreaId=2&Re...

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