A millionaire property developer has been ordered to pay a total of £830,000 in fines and compensation for evasion of inheritance tax.
HM Revenue & Customs (HMRC) said Michael Shanley pleaded guilty to charges at Wood Green Crown Court.
Shanly previously failed to disclose a Swiss offshore account to HMRC, during a civil enquiry where he was found to owe HMRC about £1.5m. This was discovered when information about UK taxpayers with HSBC bank accounts in Geneva was handed over to HMRC.
Checks were then made to establish whether these account holders had declared and paid what they owed.
Shanly, who features on the Sunday Times Rich List, opened the account with his and his mother's money. When his mother died, he transferred all the money - avoiding £430,000 Inheritance tax.
Chris Martin, assistant director, HMRC criminal investigation said: "Shanly - like others - took advantage of his offshore account to hide money that was owed to the public purse. He thought it was out of reach of HMRC and hoped we would never find it. However we discovered it, and he will pay a heavy penalty.
"HMRC is continually receiving information from various sources and working together with partner agencies here and abroad. Those attempting to hide offshore accounts must be aware that HMRC are closing in on offshore assets."
This is the first case to come before a court using the data obtained by HMRC on UK citizens with HSBC bank accounts in Geneva. HMRC criminal investigators continue to review the information obtained and further prosecutions are likely.
In sentencing, recorder Rosamund Horwood-Smart QC said: "In this court there are no rules just for the rich and no rules just for the poor... the tax system relies on voluntary and honest disclosure of tax affairs and it applies to all equally."
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