Businesses in the UK should review and, if necessary, update how they handle employees’ concerns about corporate compliance to coincide with the implementation of a new whistleblower reward scheme by HM Revenue and Customs (HMRC), experts in investigating economic crime have said.
Forensic accountants Hinesh Shah and David Lister of Pinsent Masons were commenting ahead of HMRC’s ‘strengthened reward scheme’ coming into effect on 6 April.
Under the scheme, individuals that report serious tax avoidance or evasion to HMRC that results in the authority collecting at least 1.5 million in unpaid tax, could get a financial reward of between 15% and 30% of the tax collected. HMRC published guidance relating to the scheme last November.
Whistleblower reward schemes have been operated by US and Canadian authorities for years. The HMRC scheme is the first such UK scheme to be introduced that is focused on economic crime, though the Competition and Markets Authority already offers financial rewards of up to 250,000 for information about cartel activity.
According to Shah, the introduction of the scheme is a clear signal of the UK authorities’ increasing reliance on whistleblowers as a source of intelligence in tackling economic crime and tax non‑compliance.
Shah said: “This sits against a backdrop of a marked rise in whistleblowing activity more generally, with organisations already grappling with a greater volume and wider range of complaints. The introduction of enhanced financial...
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