Landlords who fail to declare investment earnings will face new initiative
Honesty is the best policy

The Government recently announced that it is turning its attention towards buy-to-let landlords who fail to declare earnings from their property investment.

HM Revenue and Customs (HMR&C) is to target potentially thousands of landlords in the UK property market who have omitted to inform them how much rental income they earn.

The new initiative will give HMR&C the authority to act on buy-to-let properties bought up to six years ago, reportedly focusing on over 80,000 landlords.

The campaign could go as far as also targeting "ghost" landlords who have failed to declare themselves as property owners, using a host of personal information gleaned from banks, tenants and letting adverts.

Recent figures from the Council of Mortgage Lenders claim the UK buy-to-let mortgage market currently stands at £9.5 billion.

Recent figures from Mintel have revealed that around two million people in the UK own a second home, with half of these as buy-to-let landlords.

This article is for your general information and use only and is not intended to address your particular requirements. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without appropriate professional advice after a thorough examination of their particular situation. Your home may be repossessed if you do not keep up repayments on your mortgage.

Article date: 07.07