View more on these topics

HMRC targets property rentals in tax evasion crackdown

HMRC has launched a specialist taskforce to target tax evasion on rented properties.

The taskforce covers East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland is expected to recover more than £17m from tax dodgers.


The property rental team is one of a number of HMRC specialist taskforces undertaking intensive bursts of activity in specific high-risk trade sectors and locations in the UK.

HMRC has launched 12 taskforces in 2011/12 and 30 more will follow in 2012/13.

The teams will visit traders to examine their records and carry out other investigations. 



David Gauke, exchequer secretary, says HMRC is on target to collect more than £50m as a result of the taskforces launched in 2011/12.

He says: “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.”

Mike Eland, director-general of enforcement and compliance at HMRC, says deliberately evading tax can land you a heavy fine or even a criminal prosecution as well.

He says: “This is not an empty threat – HMRC can and will track you down if you choose to break the rules.” 



The taskforces are being launched as a result of the government’s £917m spending review investment to tackle tax evasion, avoidance and fraud from 2011/12

It aims to raise an additional £7bn each year by 2014/15. 


Recommended

1

Marketwatch – June 2012

Heroes&villains Hero of the week London mayor Boris Johnson for visiting Coreco Group and reaffirming his support for apprenticeships, the London housing market, mortgage brokers and small to medium sized firms. Villain of the week The Financial Services Authority for increasing fees payable by mortgage firms. At a time like this when income for many […]

3

Pensioners seeking equity release failing to claim state benefits

Research from Just Retirement Solutions, the specialist financial advice arm of the Just Retirement Group, reveals that more than half of the customers seeking advice on equity release are failing to claim any or all of the state benefits they are entitled to.

andy frankish

Brokers defend NewBuy take-up of 400 reservations since launch

Some 400 properties have been reserved through the government’s NewBuy Guarantee scheme since it launched just over two months ago, figures from the Home Builders Federation show. Critics have been quick to attack the figure, saying 400 reservations is inadequate and that the government will fall short of its target of 100,000 NewBuy sales in […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Carl S Hall 1st June 2012 at 4:27 pm

    It all started when the government decided to pay tenants housing benefit direct and not the agent or landlords,now landlords collect rents at the door and pay the TAX on that or NOT!

  • TP 1st June 2012 at 1:55 pm

    Wouldn’t it make sense for the politicians and the “quangocracy” to get their own house in order first ? Surely evaders can just follow the politicians example, and simply pay back some of what they got away with ? Why not crack down on the “I am a Ltd Co. and pay myself in dividends” loophole ? Tax is voluntary for the establishment, but they expect to enforce it on the proles.

  • Melanie Jacobs 1st June 2012 at 11:29 am

    Excellent news. All that extra cash for the government coffers so that they can give it away to all the scroungers over here or as overseas aid, when in fact it could be put to much better use.