The number of landlords living overseas who have come forward to voluntarily disclose tax avoidance on UK buy-to-lets has risen by over 60% in the past year.
HM Revenue & Customs (HMRC) as part of its ‘Let Property Campaign’ has sent out thousands of letters to those living abroad who may have British tax liabilities, and those who do not respond to the letters within 30 days could risk penalties.
Landlords are now being advised to seek professional advice if they believe that they have underpaid tax.
If you would like assistance, please call our Private Client Team on 01788 539000