What are Unexplained Wealth Orders and can HMRC use them?
An Unexplained Wealth Order came into the legislation on 1st February 2018 and is devised to confiscate the proceeds of crime by using civil powers instead of criminal powers. The power was introduced by section 1 of the Criminal Finances Act 2017. This Act has amended the Proceeds of Crime Act 2002 (POCA).
An Unexplained Wealth Order can be obtained upon application by one of the following enforcement authorities : the National Crime Agency, Her Majesty’s Revenue and Customs, the Financial Conduct Authority, the Director of the Serious Fraud Office and the Director of Public Prosecutions.
In order to apply to the court to order an Unexplained Wealth Order, the following conditions must be satisfied:
See more on the gov.uk site here
Linda Eales – Vantage Fee Protect Tax Consultant
I have been asked by…
My client does their bookkeeping on Xero, where…
My mother, who is elderly, has several…
What is the…
Our VAT registered client is to buy…
My client installs solar panels. They have…
Having changed over to Vantage a couple of years ago we have been very satisfied with the service. Especially the claims handling and technical advice lines for both our firm and insured clients on employment and business legal matters. The webshop Vantage offer allows our clients to join and pay electronically. This positively impacts our bottom line and makes things simple and efficient for our clients.