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A suspected scam involving the trading of carbon credits could cost businesses that unwittingly took part millions of pounds in legal fees and penalties.
The scam, first uncovered by HM Revenue & Customs (HMRC) in January, culminated in the arrest of seven people this month. It allegedly involves an elaborate scheme known as a carousel fraud, where goods are imported into Britain Vat-free and then sold on to a series of companies, each of which is liable to pay the standard rate of Vat on the purchase.
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