Developers facing government tax crackdown
Tax dodging property developers are being investigated by a government “crack team of experts”, the Evening Standard has reported.
The ‘task force’ will focus on avoidance and evasion primarily in London, with ministers already identifying firms to investigate.
It will work to ensure developers pay the right amount of stamp duty, employment taxes and other levies.
David Gauke, financial secretary to the Treasury, said: “It’s good for the whole country that London property attracts so much international investment but we are clear that overseas developers must pay their fair share of tax.
“This task force will root out those who try to profit from London property without paying UK tax.”
The task force has already identified around 100 completed and ongoing projects where profits are likely to have been shifted offshore – with Jersey, Guernsey and the Isle of Man likely locations.
Chancellor George Osborne vowed to tackle offshore property developers exporting profits overseas in the 2016 Budget.