Oh Dear (naughty BTL'ers)

[Sockpuppet]

Great! Just in time for me to start renting. I see rents going up very soon.

Or house prices going down when they are all repo'd to pay the tax.

[tim123]

Any sale will be registered with the land registry but nobody will be working out the profit made and if it is liable for CGT. You are meant to do that yourself and stick it on your self assessment. The IR would have to knock up a quick program to look for healthy profits made on sales in the last few years and check if the owners lived there and then look at their tax returns. I suspect that is beyond them.

Under the new disclosure rules, your solicitor is obliged to tell them if the house that you have just sold is not your PPR. HMRC don't have to do any checking up at all.

tim

[rootsnall]

Under the new disclosure rules, your solicitor is obliged to tell them if the house that you have just sold is not your PPR. HMRC don't have to do any checking up at all.

tim

That should be interesting ! I just flogged a house and the solicitor didn't ask the question and would not of known either way.

[Diver]

All I could say is Eeeek!!!!

Frantic call to accountant ensued

Phew! it is all covered under the DD and they in fact will owe me money once the maintenance costs are deducted

[Marina]

That article links to a PDF pro-forma letter from the revenue (although it's not clear whether this is intended for managing agents or accountants).

It would be a classic wind-up to prepare a slightly amended version, quoting a huge amount deemed to be owed, and post it in a standard tax envelope to some BTLer you know.

(HMR&C are so chaotically disorganised these days there's practically no chance the ruse would be detected, and the worse that could happen is a couple of frantic phone calls by the BTLer to sort it out.)

[Diver]

That article links to a PDF pro-forma letter from the revenue (although it's not clear whether this is intended for managing agents or accountants).

It would be a classic wind-up to prepare a slightly amended version, quoting a huge amount deemed to be owed, and post it in a standard tax envelope to some BTLer you know.

(HMR&C are so chaotically disorganised these days there's practically no chance the ruse would be detected, and the worse that could happen is a couple of frantic phone calls by the BTLer to sort it out.)

That is just evil

[scooterscot]

tut tut

Pah. Taxes are for the little people.