Michael Shanly, a property millionaire, has had to pay HMRC £830,000 following his plea of guilty to tax evasion.
Shanly secreted his late mother's money in a HSBC Swiss private bank account, away from the prying eyes of the Revenue and by so doing evaded inheritance tax of £430,000.
During the course of an investigation Shanly failed to disclose the monies to HMRC, despite being given several opportunities to do so, including two in 2008 and 2010 under the offshore tax amnesty.
When he suspected HMRC may rumble him Shanly closed the account but he was caught out following the theft of a disc from HMRC that contained details of UK citizens holding HSBC bank accounts in Geneva. This information was then disclosed to HMRC.
In addition to the tax of £430,000, Mr Shanly was fined £400,000 by Wood Green Crown Court.
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