We were approached by an individual who had been selected for enquiry by the HMRC Hidden Economy Team based on information they regularly receive from Local Authorities about Housing Benefit payments.
The individual had over 20 properties all of which had been funded from increase in capital growth of the other properties or the personal residence.
HMRC believed that there was significant tax at risk.
Using a variety of methods were were able to show how all of the properties had been purchased and how the rental business had made very little profit over an 8 year period.
© Gilbert Tax Consultants LLP 2018Registered in England & Wales No. 0C 309788VAT No. 847 880575
We are bound by the ethical guidelines of the Chartered Institute of Taxation and any other regulatory requirement. We endeavour to provide accurate information, however,
the content of this site is for general information only and should not be taken to be tax or legal advice which must always be tailored to the appropriate circumstances of each individual.