TaxAdministrationHMRC targets expats’ buy-to-let income

HMRC targets expats’ buy-to-let income

HMRC is targeting expats using their UK home to generate undeclared buy-to-let income

Many expats who retain their UK properties to keep a foothold in the British
property market or to supplement their pensions after they have retired abroad,
could face penalties for the non-payment of tax.

HM Revenue &
Customs
(HMRC) has sent out informal ‘intervention’ letters as a pilot
exercise in advance of a programme of interventions later this year, The
Daily Telegraph
reports.

John Cassidy, PKF Accountants
& Business Advisers
tax investigations partner, said he had already seen
HMRC use its powers to require banks to provide information regarding specific
or unnamed/unknown taxpayers holding offshore bank accounts.

‘Now the Revenue is becoming more active in using government data from stamp
duty land tax returns and other sources to pinpoint individuals who may be
letting properties but do not declare rental income on their self-assessment tax
returns,’ he said.

Further reading:

HMRC accused of disregard for legal system

Taxman demands answers on 5,000 offshore bank accounts

Read
story in The Daily Telegraph

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