A rogue landlord has received a two year suspended jail sentence and ordered to pay a £200,000 fine for tax evasion and failing to declare he was a company director.
Michael Charles Waddingham had been a director of property development firm Chantry Estates, owned 17 properties and had income of more than £100,000 per year from various directorships.
Waddingham pleaded guilty tax fraud at Kingston Crown Court on 17 January this year admitting he had failed to submit Self Assessment tax returns between 2008 and 2012.
During that time he had failed to declare his rental income and that he was the director of seven land and property development companies. In addition to his property portfolio he was also the part owner of several racehorses and the director of a betting syndicate which is also a registered UK company.
Following his arrest in 2015, Waddingham’s accountants cooperated with a HMRC forensic accounting team to calculate that £281,000 was owed in Income and Capital Gains Tax.
Waddington paid the unpaid tax to HMRC prior to sentencing at Kingston Crown Court this month. He now has six months to pay the additional £200,000 fine in order to avoid the suspended prison sentence being realized.
Waddington was also given 200 hours of community service and a six-month curfew between 8pm and 5am, enforced with an electronic tag.
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