Buy_to_let Tax Probe By HMRC

Buy-to-let Tax Probe By HMRC

Buy-to-let property owners are being probed by HMRC and recently sent 500 reminder letters to individuals it believes own undeclared buy-to-let properties.  

A spokesman for HM Revenue and Customs said there was no significance to the timing of the letters and confirmed they would not be able to tell if there had been any significant response until the end of the fiscal year when tax returns were filed.  

Our view

The bottom line is that if you own rental property it is potentially taxable for both income and capital gains tax.  You need to complete special tax return forms as part of your main tax return.

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