March 22nd in HMRC, Tax Avoidance by Editor .

Tax Man Goes After Property Profits

Yes that’s more scraping you can hear from the bottom of the barrel…

Charles Tyrwhitt UK
 

Non-doms. Bankers. Off-shore account holders. Cash under the matress types. Even Accountants. In fact anyone with so much as an undeclared penny.They’re after you. Now they have set their sights on people who made nifty profits on property. HMRC will be delivering letters to doormats of any people of property they suspect of not paying their dues.

“Capital Gains Tax inquiries focused on residential properties have become much more common in recent months and the Revenue is clearly stating that it has obtained information about individuals from the Land Registry — which is something we have not heard before,” Geoff Davies, of UHY Hacker Young told The Sunday Times this weekend.

This follows hot on the heels of a recent amnesties offered to doctors, foreign account holders and others. The underlying reason for tightening up is fairly obvious but why has HMRC jumped so sharply to attention in these long-neglected areas? The Times offered 3 rather sensible reasons:

Times: First, sophisticated software means the Revenue can “interrogate” the Land Registry database more effectively than it could five years ago.

Second, sending out letters with a veiled threat to thousands of people is a way for an overstretched organisation to achieve more with fewer resources — shaking the tree to dislodge the plums without having to pick them individually.

Or maybe tax staff fearing for their jobs simply want to show that they are worth retaining.

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If it were a McDonalds meal you’d take the combo.

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