HMRC crackdown on property transaction tax evasion

HMRC crackdown on property transaction tax evasion

tax

A new taskforce to tackle tax evasion on property transactions has been set up by HM Revenue & Customs (HMRC).

The taskforce covering East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland.

The taxman expects the taskforce to recover more than £17m from tax dodgers.

Taskforces are specialist teams that undertake intensive bursts of activity in specific high-risk trade sectors and locations in the UK. The teams will visit traders to examine their records and carry out other investigations.

“HMRC is on target to collect more than £50m as a result of the taskforces launched in 2011/12,” said David Gauke, the Exchequer Secretary.

“We have made it clear that we will not tolerate tax evasion – everyone needs to pay the taxes they owe in full. We are determined to crack down on the minority who choose to break the rules. It is not fair, that at a time when most hard-working people are paying the right tax, others are trying to get out of paying what they should.”

HMRC’s Mike Eland, director general enforcement and compliance, added: “These new taskforces will bring together specialists from across HMRC to tackle tax dodgers. If you have paid all your taxes you have nothing to worry about. But deliberately evading tax can land you a heavy fine or even a criminal prosecution as well.

“This is not an empty threat – HMRC can and will track you down if you choose to break the rules.”