TaxAdministrationHMRC plans swoop on a million landlords

HMRC plans swoop on a million landlords

Up to one million landlords could be facing the taxman as part of HMRC’s drive to track down tax evaders

HM
Revenue & Customs
(HMRC) is targeting up to a million landlords in an
effort to track down landlords who could be liable to pay extra tax on their
buy-to-let rental income.

HMRC has made its latest letter drop to landlords, warning them of the new
measures which will come into force next April, givubg government officers the
right to inspect landlords’ records in their home, The Daily Telegraph
reports.

‘It’s likely that only the most serious cases will warrant a knock on the
door from the taxman, but it signals HMRC’s intent to pursue persistent tax
evaders,’ Phil Espin,
Grant Thornton
tax director, said.

There are at present more than one million buy-to-let mortgages in the UK,
compared with 120,000 in 2000, reflecting the huge rise in popularity of this
type of investment over the past decade, prompting many landlords to buy two or
three properties for renting out to supplement their retirement income.

Further reading:

HMRC plans major swoop on tax evaders

Read
The Daily Telegraph story

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