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Another tax amnesty launched by HMRC
Buy-to-let landlords are the focus of the latest HMRC disclosure campaign, which will allow individuals to bring their tax affairs up to date without risk of major sanctions.
The initiative is open to all residential property landlords, including those with single rentals, specialists who provide accommodation for students or workforces, and owners of holiday lettings.
Participants will be expected to disclosed unpaid tax on rental income and then pay what they owe, including penalties and interest.
No closing date has been set for the campaign, which the Revenue intends to run for at least 18 months. The opportunity to come forward voluntarily will remain open throughout, in a departure from previous tax amnesties, which have had cut off points for registering interest.
Tax officials will use information they hold about property rental in the UK and abroad to identify people who have not paid what they owe, said HMRC. Landlords who fail to come forward are likely to face higher penalties or criminal prosecution.
The taxman’s amnesties have collected more than £552m in the past seven years, with an additional £224m from follow-up activities. Seven tax cheats have been convicted and have had to pay over £550,000 between them.
