HMRC have published a response to an article in The Times on 29th May entitled Thousands of buy-to-let families face tax shock.

In response to the article, HMRC have published the following statement to those advisers who may be receiving queries from their clients. 

"By way of background, HMRC is not planning a tax crackdown in the way implied byTheTimes article. HMRC is planning to take a concerted approach to helping landlords of all descriptions (not just in the buy to let market) to understand and comply with their tax obligations in what they recognise to be a complex area."

"In taking this approach the explicit presumption will be that the majority of landlords want to make a correct return but that many may need some help to understand exactly how to do so. The approach, which was outlined to agent representatives in a recent workshop, will focus on giving landlords improved access to guidance and support so that they can understand how to calculate their own tax liabilities and, where there is tax to pay, using the lightest possible touch to ensure that the correct amount is paid."

Link

HMRC: Times article

The Times: Thousands of buy-to-let families face tax shock

Article Added Friday, 01 June 2007 | 1456 Hits

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