The
three
men
set
up
bogus
companies
to
import
EU
carbon
credits
free
of
value-added
tax
(VAT)
into
the
UK.
The
allowances
were
then
sold
on
with
the
VAT
added,
which
the
fraudsters
pocketed
after
dissolving
the
fake
companies.
The
so-called
"carousel
fraud",
carried
out
over
six
months
in
early
2009,
cost
the
UK
exchequer
about
£38m,
says
Her
Majesty’s
Revenue
&
Customs
(HMRC).
The
men,
all
from
southern
England,
were
caged
for
between
nine
and
15
years
at
Southwark
Crown
Court
yesterday.
The
UK
law
was
changed
to
prevent
carbon
credit
VAT…
