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Expats who own a buy-to-let property in the UK are continuing to approach HMRC to admit they have evaded tax according to research carried out by UHY Hacker Young
The accountancy firm found that 248 overseas investors in UK buy-to-let properties came forward to admit tax evasion in 2020-21. Many of these people will be UK expats living abroad rather than foreign investors.
The disclosures of underpaid tax were made to HMRC through its let property campaign. Under the campaign HMRC sends out warning letters to taxpayers it suspects of underpaying tax. The individual then has 90 days to calculate how much is owed to HMRC or risk facing a full investigation.
The number of disclosures of tax evasion from overseas landlords fell by 36% in 2020-21 from 390 in 2019-20. In some cases landlords may have been less willing to disclose unpaid tax...
