HMRC
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Latest property news
House sales have slumped this year – or have they?
The number of house sales in England has dropped by 12% compared to a year ago, according to latest figures from the government’s statisticians, the ONS. The figures are for August and are based in part on the latest set of sales results to be released by the Land Registry. The data also reveals that the number of homes sold dropped elsewhere too – by 15.8% in London and by 3.4% in Wales, both by the same measure. But the house sales report is entirely contradicted by figures from HMRC which reveal it believes that the number of homes sold in the UK increased by 9.2% during the year to October 2017, and by 1.7% over the past month. We spoke to the Land Registry, who were unable to explain the difference between the two house sales numbers and, we are told, neither is the ONS. So baffling is the difference between the HMRC data, which is based on Stamp Duty receipts, and the Land Registry data, that the Negotiator has been told analysts at Savills have spent a lot of time and energy on finding out why. “I would back the ONS figures every time because they are the…
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Latest property news
Is this the wiggle room Hammond needs? Property transactions rise by 9.2%, says HMRC
The number of residential property transactions during October increased by 9.2% year-on-year, according to the latest figures from HMRC. Last month 105,260 residential properties were sold above the value of £40,000 in the UK which, as well as being substantially higher than October last year, is 1.7% higher than September. But the market in England has some way to go before it attains the heady heights of the pre-financial crash years during which transactions reached over 130,000 a month. “The uptick in property transactions demonstrates the underlying stability of the sector, and is a positive message to the market ahead of Wednesday’s Budget, which is expected to be largely housing focussed,” says Stephen Wasserman, Managing Director of West One Loans (pictured, left). “It will take some time for the market to fully recover from the upheaval of stamp duty hikes and economic uncertainty caused by Brexit negotiations, but if Hammond scraps stamp duty for first-time buyers, as it’s rumoured he may do so, we could see the market grow at a faster rate.” These latest HMRC figures come just a month after it revealed that its revenues from Stamp Duty levied on residential properties increased by 10% to £11.76 billion…
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Latest property news
Landlord jailed for evading tax of over £150,000
A landlord who evaded over £150,000 in Capital Gains Tax from the sale of properties has been jailed for two years and three months at Winchester Crown Court (pictured, right). Following an investigation by HMRC, Richard Fuller was found to not have declared tax due on capital gains made on properties he had sold in and around Aldershot in Hampshire between 2006 and 2013. Last week Fuller was sentenced to the jail term following a trial in July – he was arrested at Gatwick Airport in October 2014 after returning with his family from a holiday in Turkey. “The jury found you guilty of dishonesty. This is a serious matter, you deliberately failed to pay your Capital Gains Tax over several years,” said The Recorder of Salisbury His Honour Judge A J Barnett. The 53-year-old had been found guilty by a jury of two counts of Cheating the Public Revenue and three counts of Fraud by False Representation to the tune of £157,725. Task force The HMRC says the fraud was discovered by its property task force and then referred for a criminal investigation. The outstanding tax due by Fuller will now be recovered through confiscation proceedings. “Fuller thought he…
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Latest property news
Suspended jail term for developer, landlord and former agent following HMRC probe
A landlord, developer and former estate agent with links to one of the UK’s better-known franchisee agencies has been convicted of tax fraud following an HMRC investigation. Michael Charles Waddingham, 44, was sentenced on Friday to two years in prison suspended for two years and has been ordered to pay back £281,000 in unpaid tax, plus a fine of £200,000. The court case and conviction followed an investigation that found Waddingham had not submitted tax returns between 2008 and 2012. He failed to declare rental income from 17 properties as well as income from seven land and property development companies from which he earned over £100,000, the court heard. These included property development firm Chantry Estates (London) Ltd and land and property development company Chantry Estates (South East) Ltd of London (W2). The HMRC says Waddingham was also employed in Teddington for an undisclosed estate agent between 2007 and 2012 where he paid tax as a PAYE employee. After being arrested in 2015, HMRC forensic accountants worked with Waddingham’s accountants to work out how much he would have to repay, and he admitted the fraud on 17th January of this year. Waddingham, who is also a part owner of several racehorses,…
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Latest property news
Stamp Duty hike raises £424 million extra for HMRC in three months
Most of the revenue came from sales of properties sold for less than £250,000.
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Features
Evolving tax liability
HMRC is on the prowl, says Jason Piper. The new Making Tax Digital programme will apply to practically every agency business and their landlords in the UK.
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Features
Spot the money launderer
In the rush to hit sales targets it can be hard for agents to watch out for money laundering clients. But, says Nigel Lewis, HMRC is on the warpath to get all agents to comply. Are you ready?
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Features
The great landlord tax clampdown
HMRC is targeting landlords with its latest campaign, reports Andy Matthews, partner at the national law firm, Gateley.
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