Tuesday, Aug 11, 2020

I thought that's how it works

This is Money: Buy-to-let landlords cheating taxman out of £1.7bn a year, think-tank claims, as they fail to declare rental income

Surely this can't be the first time HMRC have considered this. I guess the furlough money has to come from somewhere and as the comments note it won't be from Amazon or Google.

Posted by crash bandicoot @ 09:06 PM (1213 views)
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1. mombers said...

How could the government possibly know if a property is being rented out? First stop is lookmat the 25% of private rent paid in part or in full by Housing Benefit. Simple check in the land registry identifies the owner, then look at their tax return. Then you can look at the electoral roll for clues - if the owner isn't on the roll, there's a bunch of low hanging fruit. Pursuing these tax evaders is cheap and just about foolproof as you can get a lien on the title at the land registry for the evaded tax.
Of course the biggest and simplest impact change would be to just make council tax payable by the landowner. No matter how much debt you load the property up with, you'll always have to pay the council tax. In many other countries the police, fire brigade, road maintenance crew, etc etc come before the bank in a reposession. In the US, banks even go so far as to collect the property tax as part of the mortgage, as they know that their collateral is at risk if the owner takes public services for free

Wednesday, August 12, 2020 12:57PM Report Comment
 

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