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Landlord tax crackdown "a storm in a teacup"
The new HM Revenue & Customs checks into the earnings of buy-to-let landlords are unlikely to have an adverse effect on the market, experts have claimed.
The move is the latest in a string of HMRC attempts to clamp down on tax avoidance and will involve a computer system searching through letting advertisements, as well as a hotline for people to call and blow the whistle on known offenders.
Landlords could end up facing a hefty fine if they pay the wrong amount of tax, but Malcolm Harrison of the Association of Residential Letting Agents (Arla) insists that it is merely a "storm in a teacup" and should not have major repercussions.
"The average buy-to-let investor knows that it is a long-term investment, not a short-term one, and like any long-term investment the probability is that you're going to operate it properly," he commented.
Mr Harrison said that the average landlord already pays the correct amount of tax on their buy-to-let earnings.
He also expressed surprise at the extent of the crackdown, claiming: "It didn't seem to add up in a way, because when you're dealing with something [like this], the Inland Revenue knows that you've bought a house and whether you've bought it for living purposes or buy-to-let.
"It's not something you can hide, really."
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