Undeclared tax from private rental sector could top £1 billion
Following on from recent figures from Newham council in London, which revealed that half of buy-to-let landlords within its borough boundaries are not registered for self assessment with HM Revenue and Customs, an economics academic has claimed that undeclared tax from the private rental sector could be £1 billion pounds per year.
Richard Murphy, a professor who works primarily at City, University of London, based his figures on the estimate that £200 million of tax is not being paid in London alone. If this is projected across the UK and added to unpaid capital gains tax from the sale of properties then professor suggests that the figure could exceed the £1 billion mark.
Full story from LettingAgentTODAY: https://www.lettingagenttoday.co.uk/breaking-news/2017/8/academic-alleges-massive-tax-evasion-throughout-private-rental-sector