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06 September 2007
MARK TAYLOR looks at a little known statutory instrument which provides HMRC (and other agencies) with new, wide-ranging powers regarding financial reporting orders.
Key points
- HMRC have new information powers in relation to offenders.
- The purpose of financial reporting orders is to monitor an offender's lifestyle.
- Qualifying offences include tax credit fraud and fraudulent tax evasion.
- Are the orders disproportionate to the crime?
HMRC CAN NOW obtain financial reports of a person's income assets and expenditure for many years after securing a conviction for past tax offences. This information can then be disclosed to other law enforcement agencies both in the UK and overseas. These powers are a result of Statutory Instrument SI 1392/2007 which came into force on 4 May 2007. It added a further 24 'qualifying offences' to those for which a court could make a financial reporting order (FRO) under the Serious Organised Crime and Police Act 2005. Twenty of the further offences are investigated by...
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