Bloomberg Business Week – U.K. Tax Authorities Target Affluent Overseas Home Owners

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U.K. Tax-Office Team to Target Rich With Property Overseas

October 31, 2011, 8:41 PM EDT

 

Oct. 31 (Bloomberg) — A 200-member team from Britain’s tax
agency is seeking to target wealthy U.K. taxpayers who own and benefit from real
estate overseas.

 

The HM Revenue and Customs “Affluent Team” will mine data to
identify people who own properties abroad that they don’t appear able to afford
on their declared income as well as those who fail to tell tax officials about
any income or gains.

“With HMRC’s increased capability and expertise, and its
increasing success in tackling evasion both at home and offshore, the message is
clear: there is no hiding place for tax cheats,” Treasury minister David Gauke
said in an e-mailed statement in London today. “We allocated HMRC 917 million
pounds ($1.47 billion) to reduce the tax gap over the next four years in the
last spending review. This new team is part of that investment.”

The team also plans to seek out tax evasion by commodity traders
and people with offshore accounts, HMRC said in the statement, without giving
further details.

“We have advised a number of clients who have undeclared rental
income and gains from foreign property so, given its current focus on offshore
tax evasion, it makes sense for HMRC to focus on this particular area,” said
Fiona Fernie, a tax investigations partner at accountancy firm BDO in
London.

–Editors: Eddie Buckle, Andrew Atkinson.

To contact the reporters on this story: Thomas Penny in London at
tpenny@bloomberg.net; Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editors responsible for this story: James Hertling at
jhertling@bloomberg.net; Andrew Blackman at ablackman@bloomberg.net.

About Chris Weymouth & The Weymouth Group, LLC:

Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked # 1 at Keller Williams Select Realtors, top 1% in Howard County and Maryland. Serving Central Maryland and all our friends and family for almost 50 years.  You can reach Chris at 443-280-1922 or email at chrisweymouth@kw.com. Visit our site at www.theweymouthgroup.com.