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The amount of rental income declared by UK taxpayers to HMRC on overseas property increased by 17% to £912m last year up from £781m the year before according to figures obtained in response to a freedom of information request from Moore. The number of individuals declaring rental income from overseas property increased to 81 000 last year up from 78 000.
This follows a series of campaigns by HMRC aimed at forcing better tax compliance among owners of holiday homes. These include:
- bulk mailing warning letters to taxpayers with income from offshore assets;
- identifying taxpayers with offshore property through requesting data such as foreign bank account statements or mortgage statements;
- collecting data from UK based websites that advertise overseas holiday rentals; and
- monitoring the social media accounts of people they suspect of owning an overseas rental property for evidence.
Matthew Grief associate at Moore said:...
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