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  • Published: Aug 31st, 2009
  • Category: UK
  • Comments: None

Firms face Vat shock after carbon credit scam is smashed


| Sourced From Business.timesonline.co.uk |

A suspected scam involving the trading of carbon credits could cost businesses that unwittingly took part millions of pounds in legal fees and penalties.

The scam, first uncovered by HM Revenue & Customs (HMRC) in January, culminated in the arrest of seven people this month. It allegedly involves an elaborate scheme known as a carousel fraud, where goods are imported into Britain Vat-free and then sold on to a series of companies, each of which is liable to pay the standard rate of Vat on the purchase.

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