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Britain's 700,000 landlords set to be targeted by taxman

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Britain's 700,000 landlords set to be targeted by taxman

HM Revenues & Customs has proposed measures to triple the amount of tax it raises from landlords. 

There are approximately 700,000 landlords in Britain, and HMRC is seeking to make it easier to identify buy-to-let investors who aren’t paying tax on their rental income or on capital gains when they sell a property.
 
Under the proposals, letting agents will be forced to give the names and addresses of all past and present landlords on their books.
 
Currently, HMRC has limited powers to compel letting agents to give details of the landlords that use an agent to receive rent.
 
These proposals form part of HMRC’s plans to raise £200 million from landlords. Tax evaders who come forward may also have to pay 100% of tax owed for up to six years and face prosecution.
 
To add to the woes of buy-to-let investors, the FSA is said to be considering regulation of the sector. Although no details have emerged about what the regulation would involve, it is clear that landlords will now face increased scrutiny from all angles in the coming years as a result of the troubles in the housing market and rise of the “reluctant landlords” unable to sell their homes.




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