With the HMRC Let Property Campaign continuing to intensify, so too are the localised HMRC “taskforces” who will stop at nothing to recover the tax it knows is owed to them. Landlord Zone today reported that two men in East London have been arrested, on suspicion of capital gains tax fraud.
The Property Sales Campaign was the initiative prior to the Let Property Campaign. Although the sales campaign has now ended, this does not mean HMRC will stop their investigations into non-disclosure of property sales, and this latest raid highlights their commitment to recover as much unpaid tax as possible.
With regards the raid, Landlord Zone includes a quote from Alan Tully, the Assistant Director within the criminal investigation unit of HMRC, who states: “We are investigating what we suspect is a large-scale, organised tax fraud to steal £1 million of taxpayers’ money.”
This of course is quite a large case, but investors should not be under the misapprehension that if there are small figures involved, you can “slip under the radar.” As we have seen with the HMRC Let Property Campaign, it has been confirmed that the vast majority of those being targeted and reporting, are employees with just one property, emphasising the point that it is not just big portfolio landlords being chased, but also the so called “accidental landlords.”
Property investors are being heavily targeted, not just when properties are sold, but as we have seen, also during the letting activities. As we have previously reported, countless letters have already been sent out, and thousands upon thousands more will be sent over the duration of the Let Property Campaign, which is set to last another 4 or 5 years.
For any assistance with your tax affairs, managed by property tax specialists, please do not hesitate to contact us by email, or on Freephone 0800 1 22 33 57.