View more on these topics

Tax fraud landlord and property developer sentenced


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 Charles Waddingham, 44, 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 this year and was sentenced at Kingston Crown Court on 10 March after being kept in jail overnight.

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 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.


HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]

HMRC slammed by MPs for lack of tax relief scrutiny

MPs have criticised HM Revenue & Customs over its lack of scrutiny on whether tax reliefs are being used effectively and warned of a potential return to a “disastrous decline in customer service”. In a report on HMRC’s performance, published today, the Public Accounts Committee says there are a “number of matters of concern” about […]


Residential transactions up 1% in October, says HMRC

    There were 97,640 residential transactions in October, up 1 per cent on September but 8 per cent lower year-on-year, according to new figures from HMRC. Meanwhile there were 97,660 transactions in August. March 2016 recorded the highest number of transactions in the last ten years. Legal & General Housing Partnerships director Stephen Smith […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now