Officials from HMRC have carried out several raids after looking into allegations that City bankers took part in a tax fraud that exploited a film finance loophole.
Around 16 people are thought to have been arrested in the Revenue’s latest wave of tax fraud arrests.
HMRC has denied the existence of a specific taskforce or team that’s tackling this area, but said the arrests were “routine criminal investigation work”.
HMRC declined to go into detail about the film finance schemes, but said: “As a result of an ongoing HMRC investigation into tax-related criminal offences, HMRC has arrested a number of people, some of whom work for UK banks.”
It has been widely reported in the City press that four current and one former member of staff at the investment banking arm of RBS, as well as London workers from US bank Jefferies and commodities broker Marex Spectron, are believed to have been held.
John Cassidy, tax investigations partner at PKF, said: