gold bars, auction, HMRC

October 25 ,2015 | by Erin O’Neill

HMRC to auction 150kgs of gold worth over £2.5m

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The treasury does not only benefit from chasing outstanding amounts due on taxes, but it also has various other methods of topping up the coffers.

In the latest unusual move, HMRC will be auctioning almost 150 kilos of gold that was smuggled into the UK by criminals, with the results expected to be worth in excess of £2.5m.

Smuggling plot

An HMRC investigation into a £9m smuggling plot led to a gang leader being sent to jail for a nine year term, and during the proceedings, the gold was seized as evidence.

Assistant director at the fraud investigation service of HMRC, Kevin Newe, said: “Our work doesn’t stop when a criminal is sentenced; we always look to reclaim their illegal profits for the nation’s finances to fund the public services used by everyone. By auctioning the gold we seized during the investigation we are moving another step closer to bringing this long and complicated case to a conclusion and ensure justice is fully served.”

Auction

The public auction will take place at Wilsons Auctions in Belfast on 30th October, with viewings to take place on the 28th and 29th.

Entries on the catalogue include Asian gold bracelets, rings, necklaces and a statue. Gold bars also feature in the auction, and individual lot prices range from £200 to £5,000.

Almost £700,000 has already been raised via two auctions that took place online, and the gang leader is also being forced to sell land and properties worth nearly £2m.

Erin O’Neill

Erin O’Neill is an LSBF News Writer who reports on small business, careers, technology and education news.

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