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Saturday 22 November 2008
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| Litigation | Wills and probate | Conveyancing | Commercial Law | Family Law | Personal Injury Law | Employment Law |
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Return to full list of news stories > Buy to Let Landlords to be Targeted by Taxman According to a recent report, HM Revenue and Customs (HMRC) are intending to target up to a million landlords, especially 'buy to let' landlords, whom they suspect have not fully declared their income. Under new rules that come into force in April 2009, HMRC officers will have the right to inspect a landlord’s business records in his or her home. The move comes shortly after it was reported that HMRC are instructing senior tax lawyers to help them deal with the backlog of cases of tax evasion selected for possible prosecution following HMRC having gained access to offshore account information in the last few months. With over a million buy to let mortgages in existence, the likelihood of a knock on the door by the taxman is diminished where the loan is small. However, where the loan is large, HMRC’s assumption is likely to be that the income is considerable and the chance of an enquiry is therefore relatively high. If a tax return has not been submitted and there is a buy to let mortgage, there is also a considerable risk of an enquiry. The leading lender in the buy to let market was the Bradford and Bingley (B&B), ownership of which recently passed to Banco Santander, by way of a short period of nationalisation. "It is interesting to speculate what information might have been extracted for the use of the tax authorities during the brief period in which the B&B was in public ownership," says Mike Clary of Grant Saw Solicitors. For more information visit our litigation department > Return to full list of news stories >
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