Ilford couple jailed for failing to declare income on £1.7m property portfolio
PUBLISHED: 14:00 16 November 2012
»A couple who paid tens of thousands of pounds for three of their children to attend private schools while they pocketed tax due on profits have been jailed.
Oluwakemi and Olajide Akinwunmi, of Wanstead Park Road, Ilford, failed to tell HM Revenue & Customs (HMRC) about the income they got from renting out properties as part of a £1.7million property portfolio, or pay the income tax due.
At the same time Oluwakemi Akinwunmi, of High Road, Tottenham, lied about her marital status, claiming to be a single parent, and again failed to declare her income so that she could increase the amount of tax credits she received.
The couple’s deception allowed them to send one of their children to a private school in Ilford in 2006, where fees were more than £30,000.
In 2010 two others were enrolled at a Lincolnshire boarding school at a cost of over £15,000.
Graham Ranson, assistant director, Criminal Investigation for HMRC said: “Oluwakemi Akinwunmi failed to declare her income when applying for tax credits, and pretended to be a single parent when she was in fact living with her husband.
“Along with her husband she received almost £350,000 in rental income, which they neither declared nor paid income tax on.
“The Akinwunmis had no hesitation in lying their way to an unfair financial advantage.”
Alongside the tax and tax credits offences, the couple were sentenced for mortgage fraud.
Mrs Akinwunmi was also charged with and sentenced for money laundering, council tax and housing benefit fraud.
The couple appeared before Wood Green Crown Court for sentencing on November 9 and confiscation proceedings are set to take place.
Olajide Akinwunmi had admitted failing to declare his income at a previous hearing and was jailed for eight months; his wife was jailed for three years and four months after she previously admitted tax credits fraud and failing to declare her true income.
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