More Homeowners to Face Scrutiny from Elite Tax Unit
An elite tax unit focusing on the ‘super-wealthy’ is to lower its threshold to target homeowners with property worth more than £1 million.
HM Revenue and Customs’ (HMRC) ‘affluence unit’, consisting of 200 tax investigators and technical specialists, had previously been tasked with looking into the tax affairs of those with assets of between £2.5 million and £20 million.
However, as the Government continues to toughen up on illegal tax evasion, as well as aggressive tax avoidance schemes, HMRC has now lowered the wealth threshold, meaning that those with an estimated wealth of £1 million, including assets such as property, will now face scrutiny.
The new threshold means that HMRC will scrutinise more people’s tax affairs than before, making it all the more important to ensure that yours are seen to be in order.
Although HMRC has said it is only targeting those it believes are not playing by the rules, taking action now to ensure your own affairs are in order can help prevent any problems at a later stage, should the taxman come calling.
For further information please contact Stuart Hinnigan at our office.
Author: Stuart Hinnigan FCA CTA
Stuart’s career in accountancy began when he joined Preston based Moore and Smalley in 1994 following his graduation from Lancaster University. He qualified as a Chartered Accountant in 1997 and then chose to specialise in...
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