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News - direct tax

30 May 2007
Categories: News , Land & property

Buy to let

The Times has reported ('Thousands of buy-to-let families face tax shock', 29 May 2007) that 'The taxman is preparing to clamp down on tens of thousands of buy-to-let property owners who may not have paid enough tax … HMRC have identified 80,000 landlords who may have claimed too much tax relief or have failed to declare the amount of rent they receive from the property, or a capital gain made on the sale of the property'. In this respect, HMRC have advised Taxation:

Buy to let

The Times has reported ('Thousands of buy-to-let families face tax shock' 29 May 2007) that 'The taxman is preparing to clamp down on tens of thousands of buy-to-let property owners who may not have paid enough tax … HMRC have identified 80 000 landlords who may have claimed too much tax relief or have failed to declare the amount of rent they receive from the property or a capital gain made on the sale of the property'. In this respect HMRC have advised Taxation:

'We are not planning a tax crackdown or to otherwise target landlords. We met representatives of the accountancy profession last week for their views on how we can best inform landlords of their existing obligation to report their property income to us and how we can help landlords to make accurate returns that do not require further work. This will...

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