{"id":8380,"date":"2022-02-21T01:40:41","date_gmt":"2022-02-21T01:40:41","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/uk-tax-authority-confiscates-3-nfts-in-fraud-case-as-a-first\/"},"modified":"2022-02-21T01:40:43","modified_gmt":"2022-02-21T01:40:43","slug":"uk-tax-authority-confiscates-3-nfts-in-fraud-case-as-a-first","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/uk-tax-authority-confiscates-3-nfts-in-fraud-case-as-a-first\/","title":{"rendered":"UK Tax Authority Confiscates 3 NFTs in Fraud Case as a First"},"content":{"rendered":"
\n
Source: Adobe\/David<\/figcaption><\/figure>\n

\u00a0<\/p>\n

As part of its probe into a potential value-added tax (VAT) fraud, UK tax authority Her Majesty’s Revenue and Customs<\/strong> (HRMC) has confiscated three non-fungible tokens (NFTs) in what represents the first seizure of such assets by a British government institution.<\/p>\n

On HMRC\u2019s initiative, three persons accused of attempting to defraud the agency of some GBP 1.4m (USD 1.9m) had been arrested, UK broadcaster BBC reported.<\/p>\n

Nick Sharp, Deputy Director for Economic Crime at HRMC, said that the first confiscation of NFTs \u201cserves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC\u201d.<\/p>\n

The tax agency had secured a court order that allowed it to seize cryptoassets worth about GBP 5,000 (USD 6,000), and the three NFTs whose value is yet to be determined.<\/p>\n

HMRC said the suspects allegedly used \u201csophisticated methods\u201d to try to conceal their identities. These included employing false and stolen identities, false addresses, pre-paid unregistered mobile phones, virtual private networks (VPNs), false invoices, as well as pretending to carry out legal business activities.<\/p>\n

In its analysis of the tax agency\u2019s capacities related to crypto, UK British law firm Altion Law <\/strong>said HMRC \u201chas the power to freeze cryptoassets, and seize them. This is a part of their HMRC Seizure and Freezing of Crypto Assets investigations.\u201d<\/p>\n

\u201cHMRC can retain these assets for a number of years while their investigation is ongoing. <…> However, it is possible to raise a challenge and enter into negotiations with HMRC regarding the return of seized assets,\u201d according to the law firm\u2019s analysis.
____
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Source: Adobe\/David \u00a0 As part of its probe into a potential value-added tax (VAT) fraud, UK tax authority Her Majesty’s Revenue and Customs (HRMC) has confiscated three non-fungible tokens (NFTs) in what represents the first seizure of such assets by a British government institution. On HMRC\u2019s initiative, three persons accused of attempting to defraud the […]<\/p>\n","protected":false},"author":1,"featured_media":8383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-8380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"\nUK Tax Authority Confiscates 3 NFTs in Fraud Case as a First | NFT & Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/uk-tax-authority-confiscates-3-nfts-in-fraud-case-as-a-first\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Tax Authority Confiscates 3 NFTs in Fraud Case as a First | NFT & Crypto News\" \/>\n<meta property=\"og:description\" content=\"Source: Adobe\/David \u00a0 As part of its probe into a potential value-added tax (VAT) fraud, UK tax authority Her Majesty’s Revenue and Customs (HRMC) has confiscated three non-fungible tokens (NFTs) in what represents the first seizure of such assets by a British government institution. 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