rpc Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/rpc/ Chartered Accountants & Business Advisors Tue, 26 Sep 2023 12:29:50 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg rpc Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/rpc/ 32 32 HMRC should increase rewards for whistleblowers, says law firm https://www.wrloaccountants.co.uk/hmrc-should-increase-rewards-for-whistleblowers-says-law-firm/ Thu, 07 Sep 2023 14:05:34 +0000 https://www.wrloaccountants.co.uk/?p=3854 HMRC should increase the rewards it pays out to whistleblowers in line with the US system, according to law firm RPC. The tax authority paid out over £509,000 to individuals providing evidence about tax fraud over the past year, RPC’s research found. That figure is up from £495,000 in 2021/22 and a 75% increase from the £290,000 paid five years ago, the law firm added. However, it is just 1.7% of the sum paid to informants by the US Internal Revenue Service (IRS). The IRS pays whistleblowers 15-30% of the additional tax collected through investigations instigated as a consequence of information received. In 2022, $37.8 million was paid by the IRS to 132 whistleblowers – 58 times the amount paid to UK whistleblowers. Adam Craggs, Partner and Head of RPC’s Tax, Financial Crime and Regulatory team, said: ‘More individuals, with evidence of serious tax fraud, would come forward if they knew they could be in line for a life-changing amount of money. ‘Paying a proportionate amount for high quality information that helps secure criminal convictions and the recovery of substantial amounts for the Exchequer would be a sensible step. HMRC has been making payments for information on an ad hoc […]

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