HMRC to target investment income

News Article - 07 November 2008
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HM Revenue & Customs (HMRC) is to target taxpayers with investment income in a new compliance campaign this spring, according to a chartered accountancy firm.

UHY Hacker Young revealed the news after obtaining documents under the Freedom of Information Act.

The firm claimed that the campaign could target far more taxpayers than before, by looking at people with bonds, shares and UK bank accounts, as well as those with property and offshore account income.

HMRC told Hacker Young that it is due to send a second round of letters to offshore account holders and in the last few months has sent 7,371 intervention messages to buy-to-let landlords.

Roy Maugham, a Hacker Young tax partner, said: "HMRC is ploughing on with new interventions targeting taxpayers with investment income despite the worry this will cause to taxpayers and the lack of success from previous campaigns.

"It seems particularly inappropriate at a time when many people will have made very significant capital losses on the same investments that might be providing them with a very small income."

He added that, despite there being no legal requirement to observe interventions, taxpayers should take them "seriously".

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