TaxAug 14 2017

Landlord jailed over capital gains tax bill

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Landlord jailed over capital gains tax bill

A Hampshire landlord who evaded £158,000 of capital gains tax from the sale of properties has been jailed for two years and three months.

An investigation by HM Revenue & Customs (HMRC) revealed that between 2006 and 2013, Richard Fuller didn’t declare profit gained from selling properties in the Aldershot area.

This allowed the 53-year-old to evade a total of £157,725 in capital gains tax.

Richard Wilkinson, assistant director at HMRC’s Fraud Investigation Service, said: “Fuller thought he was above the law and decided not to declare or pay the tax due from the sale of some of his property portfolio. It is simply not acceptable to steal from UK taxpayers.

“HMRC will continue to pursue those who attempt to hide their gains on assets, their income, and investigate those who attack the tax system.”

Fuller was arrested at Gatwick Airport in October 2014 after a holiday to Turkey.

He was found guilty of two counts of cheating the public revenue and three counts of fraud by false representation on 14 July 2017, and was jailed for two years and three months at Winchester Crown Court on 11 August 2017.

Sentencing Fuller, Judge A J Barnett, said: “The jury found you guilty of dishonesty.

“This is a serious matter, you deliberately failed to pay your capital gains tax over several years.”

HMRC will seek confiscation to recover the proceeds of Fuller’s crimes.

There has been a concerted effort in recent years to crackdown on tax avoidance, with major political parties competing on how tough they can be on this issue.

Delivering his Autumn Statement to parliament last year, Chancellor of the Exchequer Philip Hammond said £5bn would be be raised from measures to stop multi-nationals avoiding paying tax.