Landlord and property developer convicted over £280k tax evasion

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A landlord and property developer has been sentenced to two years in prison for tax evasion of £281,000 after an investigation by HM Revenue and Customs.

HMRC found that Teddington-based Michael Waddingham had not submitted tax returns for several years and had not declared rental income.

Waddingham had been a director of property development firm Chantry Estates, owned 17 properties and had income of more than £100,000 per year due to the directorships.

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

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

He was also given 200 hours of community service and a six-month curfew between 8pm and 5am, enforced with an electronic tag.

In court, Waddingham admitted to failing to submit any self assessment tax returns between 2008 and 2012.

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 his own accountants to calculate the total income tax and capital gains tax that he owed.

Waddingham has six months to pay the additional £200,000 fine.