Bankers in tax sting
A number of senior bankers have been arrested as part of an investigation by HMRC into tax evasion.
The Telegraph reported that Vincent Walsh, a director in Royal Bank of Scotland's equities business, RBS trader Jason Edinburgh and Michael Elsom - a trader at broker Marex had been arrested. The newspaper notes that as yet none of them have been charged with any crime.
The investigation concerns claims that City professionals have used film financing schemes to evade taxes. Investors in UK films have been able to claim tax relief on their investment.
HMRC commented that 'As a result of an ongoing investigation into tax-related criminal offences HMRC has arrested a number of people, some of whom work for UK banks.
This investigation relates to the actions of the people arrested in relation to their own financial affairs and is not connected to the business activities of the banks'. Of the 16 people being investigated four currently work for RBS while one is an ex-employee of the state-owned bank.
Information from HMRC on film tax relief is available here.