Let Property Campaign
17 April 2014
HMRC estimates that up to 1.5m landlords may be underpaying £500m in tax every year and has launched the Let Property Campaign to encourage voluntary disclosures of undeclared rental income from landlords.
HMRC intends to use the information collected from letting agencies to check that the landlords have declared their rental income. This information will be analysed and risk assessed alongside the details HMRC already receives from the Land Registry regarding property ownership and transactions.
HMRC also uses voters list entries to identify multiple occupancy by unrelated persons in a property and housing benefit payment details to track down landlords who are failing to declare their true rental income.
People with foreign villas and apartments to let have been targeted, having been identified from adverts placed on specialist holiday websites.
If you have any queries about the Let Property Campaign and wish to declare any undisclosed income please contact us.