Castle Bromwich millionaire sentenced to 18 months in prison
A wealthy businessman from Castle Bromwich has been sentenced to 18 months in prison for his role in a "complex and sophisticated" tax avoidance scheme.
The scheme, which was described as "aggressive" and "unacceptable" by the judge, involved the use of offshore companies and trusts to avoid paying tax on millions of pounds of income.
The businessman, who has not been named, was found guilty of conspiracy to cheat the public revenue and was sentenced to 18 months in prison at Birmingham Crown Court.
"This was a complex and sophisticated scheme involving multiple offshore companies and trusts," the judge said. "It was a scheme that was designed to avoid tax, and it was a scheme that was unacceptable in a country that depends on its tax revenue to fund public services."
The businessman was ordered to pay £2.5 million in compensation to HMRC and was also ordered to pay a further £500,000 in costs.
"The use of offshore companies and trusts to avoid tax is a growing problem in the UK," said a spokesperson for HMRC. "We will continue to take action against those who seek to cheat the system and avoid paying their fair share of tax."
"I am disappointed but not surprised by the verdict," said the businessman's lawyer. "We will be appealing the sentence and the conviction."
Author's Summary:
A wealthy businessman from Castle Bromwich has been sentenced to 18 months in prison for his role in a complex tax avoidance scheme, involving offshore companies and trusts.
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