A property developer, who closed a Swiss bank account in an attempt to avoid detection, has pleaded guilty and been ordered to pay fines and compensation totalling £830,000.
Michael Shanly, chairman of the Shanly Group which he founded in 1969, was ordered to pay a £400,000 penalty and costs, as well as the £430,000 Inheritance Tax (IHT) bill that he previously dodged.
This is the first case to come to court using the data obtained by HMRC on UK citizens with HSBC bank accounts in Geneva. HMRC got hold of the offshore bank account data through a tax exchange agreement with France in April 2010.
In recent years HMRC has offered many disclosure opportunities. Two of these - the offshore disclosure facility and new disclosure opportunity in 2008 and 2010 - offered those with money offshore to come forward and together raised £500m.