11 arrests in HMRC pensions probe

ELEVEN people across the North West and the Midlands have arrested following investigations into a £2.5m fraud involving bogus pension schemes.

Nine men and two women, including some independent financial advisers, are believed to be involved in the suspected tax relief fraud and are being questioned following raids on properties in Merseyside, Greater Manchester, Staffordshire, Worcestershire and Cumbria.

Documents, paperwork, mobile phones and computers were seized during the searches.

Mike O’Grady HMRC assistant director criminal investigations North West said: “This is an unusual investigation into what we believe to be an organised attack on tax relief available on self-invested pension schemes.

“We don’t expect to know the full scale of this suspected fraud until we have assessed all the evidence collected.”

The arrests follow an investigation by HM Revenue & Customs officers into the suspected fraudulent use of tax relief repayments linked to pension schemes marketed by a number of UK financial firms, and follow discussions with the Pensions Regulator and the Financial Services Authority.