Property investors who have failed to declare rental profits or paid capital gains tax are the targets of a new HM Revenue & Customs (HMRC) task force.
HMRC wants to track down property investors who own multiple properties or have sold more than one property with the help of a data tie-up with the Valuation Agency.
The task force is investigating property owners in the south west and South Wales and aims to raise at least £5 million in unpaid tax.
Other property task forces have delivered more than £12 million in unpaid tax in London, the South East and Yorkshire.
HMRC is also prosecuting 80 landlords for criminal tax and fraud offences.
HMRC?s Jennie Granger, Director General of Enforcement and Compliance, said: ‘HMRC taskforces are deployed in sectors and areas where we’ve detected a high risk of tax evasion. For example, in a previous property taskforce in London in 2013 we uncovered a barrister who had evaded £471,512 in unreturned capital gains.
?The people being targeted by our taskforces have no intention of playing by the rules and could end up facing a heavy fine or even a criminal conviction.
?A Hertfordshire property consultant who failed to declare or pay Capital Gains Tax and rental income on a number of properties was uncovered by an HMRC taskforce in 2013 and, as well as paying the tax and interest due, now has a criminal record.?
Property investors who have undeclared income or capital gains can contact HMRC under the Let Property Campaign to catch up on their tax affairs.
Take part by downloading and completing a notification form from the HMRC web site or calling the Let Property Campaign helpline on 03000 514 479.
Since 2011, HMRC has set up 70 taskforces. Around 30 more are planned for 2014-15.
The government wants the task forces to concentrate on raising an extra £7 billion in taxes each year.
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