Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 5 days ago 64
Landlords 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.”
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More