Do you own or let out property abroad?
Have you declared your overseas property for tax purposes?
HM Revenue and Customs (HMRC) has announced that wealthy individuals who own land and property abroad are being targeted for investigation.
Sophisticated data mining techniques will be used to identify potential targets who do not appear to have the means to purchase the property, as well as those who don’t declare the correct income and gains from the property.
These individuals are one of the first groups to be targeted by new HMRC teams monitoring the tax affairs of wealthy individuals. The regional teams start work in November 2011 and it is expected that initial letters will start to be issued in early 2012.
Other groups that HMRC intends to target include commodity traders and individuals holding offshore bank accounts.
How can Grant Thornton help?
Grant Thornton’s award winning National Tax Investigation team specialises in dealing with tax enquiries.
We have extensive experience of helping clients through cases and negotiating with HMRC, whether the client makes a disclosure or HMRC starts an investigation.
Our team seeks to secure a fair outcome for the client, whatever the circumstances. Contact us now for a free preliminary consultation on 0845 868 2050.