HMRC targets landlord tax cheats in property crack down

by Property118.com News Team

16:02 PM, 31st May 2012
About 7 years ago

HMRC targets landlord tax cheats in property crack down

Make Text Bigger
HMRC targets landlord tax cheats in property crack down

HMRC targets landlord tax cheats in property crack downLandlords who have failed to pay tax on the sale or buy to let rents face extra scrutiny from a new HM Revenue & Customs tax force.

A team of investigators covering East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland is seeking to recover more than £17 million from tax dodgers.

They will pinpoint around 300 tax cheats to examine their records and carry out other investigations.

David Gauke, the Exchequer Secretary, said: “HMRC is on target to collect more than £50 million as a result of the task forces launched in 2011/12.

“We have made it clear that we will not tolerate tax evasion – everyone needs to pay the taxes they owe in full. We are determined to crack down on the minority who choose to break the rules. It is not fair, that at a time when most hard working people are paying the right tax, others are trying to get out of paying what they should.”

Another task force has already targeted landlords in the North West.

Meanwhile, the government has also launched a consultation on two Budget 2012 measures designed to tackle avoidance and ensure that individuals and companies pay a fair share of tax on residential property.

The consultation looks at introducing a new annual charge on residential properties valued over £2 million owned by companies and extending capital gains tax to non-residents, again on disposals worth more than £2 million.

Gauke said: “The government is determined to take action against those who attempt to avoid paying their fair share of tax on residential property. We are determined to clamp down on tax avoidance of all kinds and by introducing these two changes, we are taking action to ensure that everyone pays the tax they owe when buying and selling high-value residential property.”



Comments

Michael Holmes

0:06 AM, 1st June 2012
About 7 years ago

As usual, the Government is throwing the baby out with the bathwater.  If I was a non-dom. who had a property portfolio worth over 2M, I would seriously consider upping sticks and moving my portfolio elsewhere in the world.  HSBC is considering doing the same thing, with its HQ in the UK now under very serious threat. HMRC seems to be populated by a bunch of tax evasion freaks who think a Council of Perfection is somehow going to be an encouragement in bringing  entrepreneurs to our wonderful booming economy . They are carrying insularity to terrific heights and costing the economy a fortune in the meantime.

10:38 AM, 1st June 2012
About 7 years ago

A lot of countries already have capital gains tax on none non-residents for properties, personally I think
this should be considered as a tax on the property and be payable my all non-residents regardless of the property value.

10:07 AM, 28th March 2013
About 6 years ago

As a tax paying landlord, i feel that the HMRC have gone too far this time! I am still chasing tax owed to me, every time i contact the HMRC they can't be bothered to even start to sort my situation out. So why should i bother to assist them. I will stall the process as long as i possibly can. Waste of tax payers money again!!!!!!!

23:25 PM, 28th March 2013
About 6 years ago

Glad this is happening, good landlords have nothing to worry about.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Will you be at the AFTER PARTY?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More