Tax dodging house owners should fear new tax scheme
Multiple house owners that have dodged income tax or CGT should beware HMRC's new deal with mortgage brokers
WHAT PRICE a house owners’ amnesty??
The taxman is acting as a ‘hired gun’, providing mortgage lenders with an ‘assurance service’ by validating some mortgage requests against the individual’s tax return. The idea is to cut down on mortgage frauds.
But it appears a very small step for the taxman to take to use such requests to analyse whether the individuals have ducked income tax or CGT through owning more than one property.
HMRC certainly didn’t shoot down my suggestion. When put to the taxman a spokeswoman replied in a statement: “HMRC uses many sources of information as part of its risk assessment processes, and information provided to HMRC by lenders as part the MVS will naturally feed into this.
So, as the opening line says, house owners’ amnesty anybody?