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29 July 2008
The tax implications of the police investigation into safe deposit boxes are discussed by STEPHEN BESFORD and JACQUI FLEMING
The tax implications of the police investigation into safe deposit boxes are discussed by STEPHEN BESFORD and JACQUI FLEMING
KEY POINTS
- The information produced by the police raid
- The use of the Proceeds of Crime Act 2002
- When will information and responsibility be transferred to HMRC?
- The need to be able to explain assets in safe deposit boxes
- Is there a window of opportunity to make a voluntary disclosure?
Operation Rize the Metropolitan Police's raid on safe deposit boxes at three London locations has produced a succession of ever more sensational headlines since news of the story first broke at the beginning of June.
At the last count the operation conducted by the Met's Economic and Specialist Crime Command had gained access to 6 717 safety deposit boxes and produced...
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