HMRC Taskforce to Clamp Down on Buy to Let Tax Evaders

11 June 2012 Categories: News

HMRC Taskforce to Clamp Down on Buy to Let Tax Evaders

Following a major review by members of HM Revenue & Customs it seems that buy to let investors are one of the groups of traders soon to be targeted with regards to their tax returns. The government is hoping to recover upwards of £7billion in unpaid taxes each year until 2015, and landlords along with market traders, taxi firms, Avonladies, plumbers, eBay traders and restaurant owners are to be put under the spot light. So far in 2012 the tax man has recovered over £50 million fromUKtax evaders.

So far 12 taskforces have been launched and it is thought another 30 will come into being during the 2012/2013 tax year. Although all regions of the UK will be targeted places such as East Anglia, Leeds, Nottingham, Lincoln, London, York and Leicester will be given priority and it is hoped that over £17million will be recovered from these areas alone.

The Exchequer Secretary, David Gauke, commented on the new strategy saying, “We have made it clear that we will not tolerate tax evasion – everyone needs to pay the taxes they owe in full. We are determined to crack down on the minority who choose to break the rules. This is not an empty threat – HMRC can and will track you down if you choose to break the rules.”