Landlords evade quarter of tax on rental income, figures reveal
HMRC plans crackdown as buy-to-let and other private landlords evade £550m a yearBy Steve Lodge | 14 November 2012
Lettings are a key area where we are losing money… This is an area where people try to cheat us
Buy-to-let and other private landlords are evading a quarter of UK tax due on rental income, Exaro can reveal.
Tax evasion by people who do not declare income from rental properties has soared to a staggering £550 million a year, according to an estimate by HM Revenue & Customs (HMRC). This compares with £1.8 billion of tax collected on rental income declared by landlords.
HMRC told Exaro that failing to declare rental income was “ripe” for a crackdown.
This is only a summary. For the full story, log in to Exaro.