Property tax has come under renewed focus in the past year as part of an ongoing HM Treasury crackdown on “contrived and aggressive tax avoidance schemes”.
Exchequer secretary to the Treasury David Gauke recently outlined how the government is tackling such schemes, including proposals to force promoters of tax avoidance schemes to provide the Treasury with more complete details of their actions.
In a breakdown of the steps taken over the past 12 months, property tax is among the more recent areas of the crackdown, as in March 2012 the government made measures to reduce the possibility of offsetting property business losses against general income.
“We are building on the work we have already done to make life difficult for those who artificially and aggressively reduce their tax bill,” says Mr Gauke.
With an ongoing focus on tax avoidance and evasion underpinning the Treasury’s work at the moment, it’s more important than ever to ensure you seek taxation advice from legitimate property accountants.
Our Manchester accountants are ready to receive new clients who have doubts about their existing advisers, and our specialist property accountants are particularly prepared to advise on any issues relating to property tax.