Revenue Focus on Rentals

There is some evidence of increased Revenue focus on rented property. The main reasons for this are

  1. undeclared rental income
  2. possible undeclared income used to buy the property
  3. possible invalid claim of stamp duty exemptions

If a taxpayer falls foul of any of these it can lead to significant interest and penalties. Stamp duty problems could cause bills of tens of thousands alone. Revenue get information on rentals and are able to link up with stamp duty payments and exemptions.

Landlords who feel they may have a problem should contact their tax adviser to help resolve it.

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