HMRC's offshore tax taskforce obtains first conviction

HM Revenue and Customs' (HMRC's) offshore tax force has bagged its first conviction.

Millionaire property developer Michael Shanly recently faced prosecution at Woodford Green Court, where he pleaded guilty to tax evasion.

The sum involved stood at £430,000, which when taken with the £387,103 he had already paid to the tax authority brought the total up to £856,547.

Shanly's conviction is the first for HMRC's special offshore unit, which acquired stolen data from HSBC's Swiss branch as part of its efforts to track evaders.

Commenting on the situation, David Gauke, exchequer secretary to the Treasury claimed the conviction was a sign of the government's conviction at pursuing those illegally avoiding their tax obligations.

"This case proves the government will track down and take action against those who try to get out of paying the tax they owe," he said.

Speaking to the Financial Times, Dawn Register of accountancy firm BDO described the case as "a huge deterrent" that demonstrated HMRC's scope in this matter.