Millionaire property developer Michael Shanly has pleaded guilty to offshore tax evasion.
The 66-year-old Berkshire-based founder of Michael Shanly Homes, was convicted of cheating the public, contrary to common law, at Wood Green crown court, N22. He was found to owe HM Revenue & Customs £1.5m.
Shanly failed to disclose a Swiss offshore account which he opened in 2010 when his mother died. He later closed the account, and transferred all the money – avoiding £430,000 inheritance tax.
He has been ordered to pay fines and compensation totalling £830,000, plus costs.
HMRC assistant director Chris Martin said: “Mr 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.”
Shanly set up his house building operation in 1970, and was ranked number 108 in the Estates Gazette Rich List 2011, with an estimated wealth of £157m.
Joanna.bourke@estatesgazette.com
