TAX NEWS: VAT fraudsters ordered to repay £12m. By Dan Martin
Seven convicted carousel fraud scammers have been ordered to repay almost £12m in unpaid VAT.
The men made up an organised criminal gang based in Spain who collected £38m in what HMRC described as a "highly sophisticated attack on the UK VAT system".
HMRC launched a lengthy investigation in early 1997 after which the men were given prison sentences totalling 30 years following a series of trials between 2002 and 2006. At a series of confiscation hearings in Nottingham and Birmingham Crown Courts, the criminals were also ordered to repay around £12 million or face longer in jail.