For the vast majority of holiday home owners, looking after and enjoying their property doesn’t get much more complicated than choosing a good overseas holiday home insurance policy and making sure the garden doesn’t get too out of control.
But for a select few wealthier members of British society, owning holiday homes overseas may be about to become a little more challenging. The Government has said it is to clamp down on tax dodging among Britons who own second homes in other countries.
Within the hallowed offices of HM Revenue and Customs a new 200 person unit has been created especially for the task of catching tax evaders in the very upper income brackets of the UK.
Special ‘data mining’ technology will be utilised in order to flag up British citizens with land or property overseas. The tools that make use of this data will highlight those who do not appear to be able to afford a given property – or who appear to be paying too little income or capital gains tax.
The Government has pledged 917 million pounds to the cause of preventing tax evasion among Britain’s richest citizens. As well as overseas property owners, the team plans to focus its attention on UK commodity traders and those UK residents with offshore accounts – in that order.
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