Serious tax evasion suspected in 27 large companies

HMRC’s large business directorate opened investigations for possible ‘serious’ tax evasion into 27 of the UK’s top 2 100 businesses in 2017-18 according to figures obtained by Pinsent Masons.

HMRC defines ‘serious’ evasion as involving more than £50 000 in tax or where prosecution is possible.

Pinsent Masons partner Jason Collins said: ‘There has been the expectation that possible tax evasion and the facilitation of tax evasion by bigger businesses had been all but stamped out. Many businesses are still rolling out new procedures to comply with the Criminal Finances Act and in doing so irregularities could be uncovered. They will need to ensure they have robust prevention procedures in place particularly with regards to their supply chains.’

The number of referrals of individual taxpayers and small businesses increased by 24% in two tax years: from 2 586 cases in 2016-17 to 3 204 in 2017-18....