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Buy to Let Landlords in HMRC's Sights
Most house owners regard rising property prices as a good thing, but buy to let landlords who have neglected to deal with their tax obligations after the sale of their buy to let properties have been targeted by HM Revenue and Customs (HMRC), and it is estimated that investigations into property sales have netted an additional £24 million in 2013/2014.
HMRC have access to information relating to property transactions and it is easy for them to cross-reference property sales to the tax returns of the owners. By targeting the buy to let sector over the last two tax years, HMRC have increased the tax take from Capital Gains Tax (CGT) from £83 million to £126 million over the same period.
Where a capital gain has occurred which leads to CGT becoming payable and this is not included on the relevant tax return, the penalties can be severe. The position is worse if the fact that a property was owned as a buy to let and produced profits which have not been disclosed becomes apparent as a result of the sale.