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Husband and wife jailed for offshore tax fiddle
A husband and wife business team in Northern Ireland who used false accounting practices to avoid paying corporation tax have been jailed and ordered to pay nearly £4 million back.
Patrick Gerard Small and Mary Elizabeth Small, who ran a builders merchants business, were found guilty of falsifying trading accounts and personal tax and VAT returns to HM Revenue & Customs (HMRC).
Some of their stolen profits were concealed in offshore bank accounts in the Isle of Man, while other cash was laundered through property development in Northern Ireland.
"Income tax and VAT fraud are not victimless fiddles and the days are long gone when hiding assets off-shore was seen as a safe bet for evading UK taxes," warned Clare Merrills, HMRC spokesperson.
"Anyone deliberately setting out to cheat the system by not paying the right amount of tax is taking a huge risk."
It follows news that a father and son in Solihull have been jailed for hiding more than £700,000 of their company's takings in an undisclosed bank account.
Posted by Brian de Selby.
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