During the last five years, an £8 million investigation has focused on an offshore bank account, set up by Mr. Redknapp in the name of his dog, which received money from Mr. Mandaric.
However, the jury accepted Redknapp’s explanation that the payments made into the account were nothing to do with bonuses he’d been promised from the sale of players; but were instead “seed money” loaned by Mandaric, which had been intended for investments.
Following the court decision yesterday, Redknapp told waiting reporters that: “It really has been a nightmare. I've got to be honest. It's been five years and this is a case that should never have come to court because it's unbelievable, really.”
Whilst the decision will come as a blow to the HMRC, which has a high conviction rate in regard to tax evasion, the assistant director of criminal investigations at HMRC, Chris Martin, said he had no regrets, and warned others using offshore tax havens.
“We have no regrets about pursuing this case because it was vitally important that the facts were put before a jury for their consideration.
“We accept the verdict of the jury but I would like to remind those who are evading tax by using offshore tax havens that it always makes sense to come forward and talk to us before we come to talk to you.”
It’s also been reported that HMRC intend to step up the number of criminal prosecutions it brings from around 100 to 500 per year, and they’ve also been given £900 million by the government to clamp down on tax avoidance and evasion.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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