Millionaire property developer fined for tax evasion

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 t...