Overseas property owners based in the UK are about to be targeted by a new HM Revenue & Customs "affluent unit", which has been set up by the British government to address what it sees as tax avoidance by the rich.
A new team of 200 taxation investigators and specialists has been established by HMRC to identify wealthy individuals who, amongst other things, own land and property abroad … such as a holiday home.
OPP understands that the tax attack unit will concentrate on overseas property assets first, and then switch its attention to UK-based commodity traders (who have been accused of helping to drive up food prices,) before looking into the number of UK residents who hold offshore investment accounts.
HMRC says that it will be using sophisticated "data mining" techniques to try and track down people who own overseas properties, but do not pay the right amount of tax.
Read the full article dated 07 Nov 2011 on OPP (Overseas Property Professional) here.
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