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Landlord and property developer gets two years suspended for £218k tax dodge

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  • 13/03/2017
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Landlord and property developer gets two years suspended for £218k tax dodge
A property developer and landlord has been sentenced for evading £281,000 in taxes after failing to declare his income or directorship status to HMRC.

Michael Charles Waddingham, 44, of Teddington, is currently the director of two companies and owns 17 properties across England.

HMRC’s investigation found he had not submitted any tax returns between 2008 and 2012. He had failed to declare rental income and that he had been a director of seven land and property development companies earning in excess of £100,000 a year from the directorships.

He was sentenced to two years in jail suspended for two years plus an additional financial penalty of £200,000, on top of the £281,000 tax he had already repaid.

Waddingham was also the part owner of several racehorses and is currently the director of a betting syndicate. Following his arrest in 2015, HMRC forensic accountants worked with Waddingham’s own accountants to calculate the total Income Tax and Capital Gains Tax he owed.

Waddingham admitted tax fraud on 17 January and was sentenced at Kingston Crown Court on 10 March.

HMRC has recovered all the tax stolen and has given the defendant six months to pay the additional £200,000 financial penalty.

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