Clampdown on Landlords
There has been much press coverage recently about HM Revenue & Customs targeting residential landlords particularly those in the Buy-to-let market. This originated from a piece in The Times which was picked up by several other papers.
There is nothing new in this which serves to highlight the need for landlords to seek professional advice to establish their tax liabilities. The Chartered Institute of Taxation have received a “message” from the Revenue stating that there was no intention of having a “crackdown” on landlords as implied by The Times. The message stated:
'By way of background, HMRC is not planning a tax crackdown in the way implied by the Times article. HMRC is planning to take a concerted approach to helping landlords of all descriptions (not just in the buy to let market) to understand and comply with their tax obligations in what they recognise to be a complex area. In taking this approach the explicit presumption will be that the majority of landlords want to make a correct return but that many may need some help to understand exactly how to do so.”
The full text can be found on the CIOT website. As pointed out in The Times article if someone has undisclosed tax liabilities they can currently take advantage of the special disclosure facility but action must be taken by 22 June.
Date: 4th June, 2007
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