• Login
  • Join
  • Access Problems
  • Status
GRL Landlord Association
  • Coronavirus
  • Home
  • Pricing
  • Subscribers
  • Services/Discounts
  • Forms
  • Recent
  • Contact
  • Find Answers
    • England Guidance
    • Wales Guidance
    • Housing Changes Timeline (E/W)
    • Admin/Tech Support
    • Search Website
    • Weekly Digest (Subscribe)
  • Ask a Question
    • Ask Question
    • View Questions
    • Your Q & A Activity (from Sept 2020)
Select Page

Landlord Tax Amnesty Fails to Deliver

by guildy | 21 Mar 2019 | News, Tax (England), Tax (Wales)

Landlord Tax Amnesty Fails to Deliver

A call for landlords to come clean and to stop avoiding tax on their rental profits appears to have fallen on deaf ears.

In 2013, HM Revenue & Customs urged 1.5 million landlords allegedly dodging £500 million in tax to make disclosures in return for lighter penalties under the Let Property Campaign.

But in six years, only 35,099 landlords have come forward, paying extra tax of just £85 million against an estimated £500 million outstanding every year.

Only 81 of the landlords confessed to deliberately misleading HMRC. While another 971 said they could have taken more care over the tax filings.

The statistics came to light after a Freedom of Information request looking into HMRC’s Let Property Campaign from accountants Saffery Champness.

James Hender, Head of Private Wealth at Saffery Champness, said: “The tax system is becoming more complex and individual mistakes and misunderstanding can happen. Looking at the data, of the large number of taxpayers who stated that they had either failed to notify HMRC of their original liabilities or hadn’t taken reasonable care, many would likely have been unaware that they owed anything at all.

“According to HMRC’s estimates, there are clearly many more landlords who have additional tax to pay, but have yet to come forward.  If this is the case, then these people would be well advised to contact the taxman sooner rather than later. HMRC has been tightening the net on non-compliance and there are increasingly few opportunities for taxpayers to mitigate the risk of an investigation.”

Making a Let Property Campaign disclosure

Let Property Campaign – annual disclosures

  2013-14 2014-15 2015-16 2016-17 2017-18
Disclosures 886 9,486 10,040 8,080 6,607
Taxpayer offers 762 8,387 9,038 7,262 6,032
Tax yield 0 £17.6 million £25.2 million £21.4 million £21.1 million

Source: Saffery Champness

Coronavirus Guidance

View now ...

Discounted landlords buildings insurance

Landlords Building Insurance

Guild subscribers can get preferential rates for landlords buildings insurance especially designed for landlords

Read more ...

Tenant Referencing Service

Tenant Referencing

Tenant Referencing Service

Read more ...

Recent Articles

  • Rogue Landlords, Dodgy Estate Agents and Vicious Tenants 22/01/2021
  • Buy to Let Limited Company and Tax for Landlords 20/01/2021
  • HMRC Accepts COVID-19 Excuses For Late Filing 14/01/2021
  • Landlords Confess Evading Tax Last Year 12/01/2021
  • Evictions Ban Extended 11/01/2021

Navigation

  • Coronavirus
  • Home
  • Pricing
  • Subscribers
  • Services/Discounts
  • Forms
  • Recent
  • Contact
  • Find Answers
    • England Guidance
    • Wales Guidance
    • Housing Changes Timeline (E/W)
    • Admin/Tech Support
    • Search Website
    • Weekly Digest (Subscribe)
  • Ask a Question
    • Ask Question
    • View Questions
    • Your Q & A Activity (from Sept 2020)

Subscribers

  • Login
  • Join
  • Access Problems
  • Status

Terms

General terms and conditions

Website terms

Privacy policy

Status

Status

(c) Guild of Residential Landlords

Recent Articles

  • Rogue Landlords, Dodgy Estate Agents and Vicious Tenants 22/01/2021
  • Buy to Let Limited Company and Tax for Landlords 20/01/2021
  • HMRC Accepts COVID-19 Excuses For Late Filing 14/01/2021
  • Landlords Confess Evading Tax Last Year 12/01/2021
  • Evictions Ban Extended 11/01/2021
  • Facebook
  • Twitter
  • RSS
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkRead more