A taskforce tackling people trying to dodge property tax in the south west and south Wales was launched today by HM Revenue and Customs (HMRC).
The taskforce will target those who have sold one or more properties and haven’t paid Capital Gains Tax or disclosed rental income.
Using intelligence from the Valuation Office Agency to track down the tax cheats, the taskforce is expected to recover £5 million.
HMRC has delivered more than £190 million as a result of taskforces launched since 2011-12. Over £12 million has been recovered as a result of property rentals taskforces operating in London, south east England and Yorkshire, with over 80 cases currently under criminal investigation. Taskforces expect to bring in over £100 million during 2014-15.
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.
“If you haven’t declared all your income, we will find you and investigate.”
People who know anyone who is evading their taxes can tell HMRC by calling the Tax Evasion Hotline on 0800 788 887.
Notes for editors
1. Taskforces bring together various HMRC compliance and enforcement teams for intensive bursts of activity targeted at specific sectors and locations where there is evidence of high risk of tax evasion and fraud. The teams visit traders to examine their records and carry out other investigations.
2. HMRC has launched 70 taskforces since 2011. A further 30 are planned for 2014-15.Taskforces have been made possible by the Government’s £917 million spending review investment to tackle tax evasion, avoidance and fraud from 2011-12, which aims to raise an additional £7 billion each year by 2014-15.
3. The Valuation Office Agency is an executive agency of HMRC. It provides the Government with the valuations and property advice required to support taxation and benefits.
4. Follow HMRC’s Press Office on Twitter @HMRCpressoffice
5. HMRC’s Flickr channel www.flickr.com/hmrcgovuk
Issued by HM Revenue & Customs Press Office
HM Revenue & Customs (HMRC) is the UK’s tax authority.
HMRC is responsible for making sure that the money is available to fund the UK’s public services and for helping families and individuals with targeted financial support.