TaxAdministrationMPs ponder tax amnesty for buy-to-let landlords

MPs ponder tax amnesty for buy-to-let landlords

A group of MPs are considering legislation to offer buy-to-let landlords tax amnesty

A group of MPs are looking at legislation which would offer buy-to-let
landlords the chance to make up for evading some of their taxes by paying in
full during an amnesty rather than facing financial penalties or legal action
from HM Revenue & Customs (HMRC).

The amnesty period would co-incide with the launch of an information
campaign, explaining to buy-to-let landlords, as well as other entrepreneurs or
contractors considered ‘high-risk’ regarding filing inaccurate or incomplete tax
returns such as lawyers, doctors and television actors, why paying taxes are
crucial and the consequences they face if they fail to submit a complete
dossier, the
Residential
Landlords Association News Service
reports.

The Parliamentary Public Accounts Committee’s latest findings on the cash
economy, which revealed two million Britons have at least partially evaded tax
over the past year, have prompted calls from some MPs for stiffer fines and
legal penalties for those who are caught having filed incomplete tax papers.

RLA notes the issue is particularly pressing for government officials,
because most buy-to-let landlords who have evaded taxation have not been caught
before and the financial penalties for those who are caught are generally minor.

Further reading:

HMRC plans most far-reaching clampdown

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