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Taxman investigating foreign home owners

Posted on Nov 01 2011

Taxman takes a busman's holidayThe UK taxman is searching for expat tax evaders and holiday home owners who are hiding rental income from the Exchequer.

Christopher Hope of The Telegraph has reported that tax inspectors are looking to recover an estimated £560 million by looking at holiday home advertisements to identify British owners. The team of 200 investigators will also look at land registries in Portugal, Spain, France and other countries frequented by British holiday home owners.

The campaign is aimed at targeting the 330,000 richest individuals in the 50% tax bracket - the logic being that many rich people buy foreign homes as a way of hiding some of their wealth. However, anyone who owns foreign property that brings in an income should ensure their tax affairs are in order.

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