News - Economics / markets
Categories: Economics / Markets
Topics: Hmrc
Tottenham Hotspur manager Harry Redknapp and his co-defendant Milan Mandaric have been found not guilty of attempting to cheat HMRC in the conclusion of their tax evasion trial.
In a dramatic end to the high profile case, the jury cleared the Spurs boss, 64, and Mandaric, 73, of all charges, according to reports.
Both men had denied two counts of cheating the public revenue when Redknapp was manager of Portsmouth Football Club.
Jurors accepted Redknapp's denials that he avoided tax on any payments over £189,000 found in a Monaco account.
The pair's acquittal brings to an end a five-year police investigation costing £8m which failed to yield a single conviction.
It can also now be reported that at an earlier investigation, Mandaric and former Portsmouth chief executive Peter Storrie were also cleared over a £600,000 tax dodge claim at a previous trial.
Categories: Economics / Markets
Topics: Hmrc
Comments
VFM ??
Hasn't this investigation been good value? 5yrs, £8m, no convictions but loads of press time and papers sold.
You couldn't make it up!!
Posted by: Andy
08 Feb 2012 | 12:35
Dig a little deeper
While there are no obvious benefits to this investigation the one thing it has done is surely a high profile case like this has filled more column inches than tax evasion ususally does.
By agressively pursuing anyone thought to be evading tax HMRC is sending a strong message to anyone thinking whether the reward is greater than the risk.
If anybody wants proof of how a poor tax collection agency affects a country only has to look to Greece.
While £8 million is a lot of money, how much have HMRC gained by people deciding to pay up rather than risk the consequences?
Posted by: Austin
08 Feb 2012 | 13:12
Dog's bonus?
I wonder whether my bank Lloyds will allow me to set up an account in the name of my dog, Yogi67. He doesnt have a passport or driving licence, nor proof of address as he doesn't pay utility bills.
Maybe we should all pay our annual bonuses into offshore accounts in pet's names, as it must be ok to do so.
Posted by: Smart One
08 Feb 2012 | 13:30
One nil!
Doesn’t it give you a warm, fuzzy and highly gratified feeling knowing that HMRC isn’t omnipotent?
I wonder if they will now decide to tax all gifts (outside IHT provisions)?
In spite of what the unctuous Dave Hartnett said, the avoidance and evasion of tax is in direct proportion (in this country at least) to the level and perceived unfairness and burden of the impost. I didn’t notice so much hoo-ha when Maggie was in charge.
Isn’t it a truism that the lower the rate the larger the tax trawl?
Posted by: Harry Katz
08 Feb 2012 | 14:02
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So, we have public spending of £8m in an attempt to recoup taxation in respect of payments amounting to £189,000.
Assuming Mr Redknapp would have been subject to 40% income tax, the potential loss to HMRC was £75,600.
Is it just me or does £8m in costs seem just a little bit excessive when trying to recover (potentially) £75,600?
And we wonder why the public sector finances are on their knees.
Posted by: You must be joking
08 Feb 2012 | 12:29
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