Landlords who fail to declare investment earnings will face new initiative

Honesty is the best policy

HM Revenue and Customs (HMR&C) is to target potentially thousands of landlords in the UK property market who have omitted to inform them how much rental income they earn.

The new initiative will give HMR&C the authority to act on buy-to-let properties bought up to six years ago, reportedly focusing on over 80,000 landlords.

The campaign could go as far as also targeting "ghost" landlords who have failed to declare themselves as property owners, using a host of personal information gleaned from banks, tenants and letting adverts.

Recent figures from the Council of Mortgage Lenders claim the UK buy-to-let mortgage market currently stands at £9.5 billion.

Recent figures from Mintel have revealed that around two million people in the UK own a second home, with half of these as buy-to-let landlords.

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