£273k Newport VAT fraudster Andrew David Smith jailed
A south Wales businessman who stole £273,000 by faking VAT claims has been jailed for 20 months.
Andrew David Smith, 52, submitted fake invoices and bank statements and used the cash to fund a lavish lifestyle, including large mortgage repayments and private school fees.
He claimed to be supplying microchips to the surfing industry.
Smith, of Glasllwch Crescent, Newport, pleaded guilty to fraudulent VAT evasion at the city's Crown court.
"He knew he was breaking the law," said Colin Spinks, the assistant director of criminal investigations at HM Revenue and Customs.
"Yet chose to overlook it for the opportunity of making what he wrongly assumed would be easy money, at the expense of the taxpayer."