HM Revenue & Customs has launched a dedicated taskforce to crack down on tax evasion on property transactions.
HMRC will focus on cases in greater London where there has been a deliberate failure with the “option to tax” regime.
Neil Hedger, HMRC’s London taskforce team leader, said: “If you deliberately seek to evade tax we can and will track you down, and you will face not only a heavy fine, but possibly a criminal prosecution as well.”
The property sector is one of a few high-risk trade sectors that are being targeted by the HMRC investigation teams.
Hedger added: “This taskforce will come down hard on companies that have chosen to break the rules.”
joanna.bourke@estatesgazette.com
