A Teddington-based landlord and property developer, who failed to submit tax returns over a number of years, has been sentenced to a two-year prison sentence following an investigation by HMRC.
The director of Chantry Estates property development firm, Michael Charles Waddingham, owned 17 properties across England but had not submitted Self-Assessment tax returns between 2008 and 2012, HMRC found.
The investigation also revealed that the 44-year-old company director was part owner of several racehorses, the director of a betting syndicate and had an income of more than £100,000 per year due to the directorships.
Waddingham admitted to tax evasion on the 17th January. A hearing then took place at Kingston Crown Court on 10th March, where he was sentenced to two years in jail, suspended for two years, along with a fine of £200,000. He had already repaid the £281,000 in taxes that he owed HMRC and has six months to pay the additional £200,000.
On top of the prison sentence and fine, he was also given 200 hours of community service and a six-month curfew between 8pm and 5am.
Waddingham was first arrested in 2015, from which time forensic accountants from HMRC then worked with the property director’s own accountants to calculate the full extent of the income tax and capital gains tax that was due.
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