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Explaining the Proceeds of Crime Act 2002
The Proceeds of Crime Act (POCA) is a parliamentary act which provides the ability to recover the proceeds of crime from tax evasion. However, it does not mean that it is just the tax evasion proceeds of crime that will be confiscated.
If you had £10,000 cash, which you gained through tax evasion, and mixed it with £5,000 of your hard earned (legitimate) cash to buy a car for £15,000, the whole thing is 'contaminated'.
This means the car could be confiscated as a tax evasion proceeds of crime, even if it was not purchased purely by money from tax evasion.
Tax evasion is a crime
Anything you buy with money from tax evasion can be seized through the Proceeds of Crime Act. This could include your home, car and business.
If you have committed tax evasion, or if HMRC suspect you have committed tax evasion, you need to get expert representation from a tax evasion investigation expert before it is too late.
Speak to a professional tax evasion investigation expert now for more information on tax evasion and the POCA.
If you have a tax evasion investigation call KinsellaTax on 0800 471 4546 and speak to a dedicated tax evasion expert today.
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