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Monday, July 13, 2009

Landlords to be targeted by tax authorities

As the government runs out of money the tax authorities are tightening the noose on a whole range of groups in a bid to raise additional tax sums. The latest group to be targeted are residential landlords.

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According to a recent report in the Times the governments latest plan is to give additional powers to the taxman in the form of the HMRC to triple the amount of tax it raises from Britain's 700,000 landlords.

HMRC is proposing in para 4.40 of their proposed bulk information measures to force letting agents to hand over the names and addresses of landlords that they not only manage a tenancy for a landlord as is currently the case; but also where a landlord may use the letting agent for a let only service. Currently, the HMRC do not have such powers to compel agents to disclose this information.

We think it's another case of big brother Gordon snooping into the private affairs of landlords as the Government desperately try to raise more revenue and stop themselves drowning under a sea of debt!

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