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New property taskforce for SW England and Wales

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HMRC has launched a new taskforce tackling the property tax avoidance in south west England and south Wales. The taskforce will target those who have sold one or more properties and haven’t paid CGT or disclosed rental income.

HMRC expects the taskforce to recover £5m, and plans to carry out its work using intelligence from the Valuation Office Agency to track down those with outstanding tax liabilities.

HMRC has delivered more than £190m as a result of taskforces launched since 2011/12. More than £12m has been recovered as a result of property rentals taskforces operating in London, south east England and Yorkshire, with over 80 cases currently under criminal investigation. HMRC expects its taskforces to bring in over £100m during 2014/15. 

Seventy taskforces have been launched since 2011, and a further 30 are planned for 2014/15. The taskforces bring together various HMRC compliance and enforcement teams for intensive bursts of activity targeted at specific sectors and locations where there is evidence of high risk of tax evasion and fraud.

The taskforces have been made possible by the government’s £917m spending review investment to tackle evasion, avoidance and fraud from 2011/12, which aims to raise an additional £7bn each year by 2014/15.

Issue: 1230
Categories: News