The taxman is preparing to clamp down on tens of thousands of buy-to-let property owners who may not have paid enough tax, The Times reports.
HM Revenue & Customs has identified 80,000 landlords who may have claimed too much tax relief or have failed to declare the amount of rent they receive from the property, or a capital gain made on the sale of the property.
The Revenue can claw back unpaid tax from as far back as six years, which means that some of those who have bought properties to rent or are letting their own home could face tax bills so large that they may have to sell their property.
It also has the power to impose penalties, which can reach the same value as the unpaid tax bill, and charge interest on the sum.
ROYAL BANK OF SCOTLAND (RBS) has launched a €71.1 billion (£48.1 billion) bid for ABN Amro, trumping a €66 billion offer from Barclays first made almost two months ago, reports The Times.
The deal is conditional on ABN shareholders voting down the sale of ABN's US banking operation, LaSalle, to the Bank of America (BoA). No date has yet been set for the vote.
RBS and its partners, Spain’s Santander and Fortis of Belgium, this morning confirmed The Times story that they will offer €38.4 per share for ABN Amro. Shares in RBS fell by 1.6 per cent to 632p in early trading.
While the overall deal values ABN at €71.1 billion, shareholders will actually receive €69.3 billion if RBS is forced to settle with BoA over the sale of LaSalle.
AROUND 300,000 PEOPLE ARE opening brokerage accounts every day in China, driving its stock market to record highs and raising pressure on its central bank to rein in runaway economic growth and deflate what many see as a bubble in equities and in some parts of the property market, reports The Scotsman.
Shanghai's main CSI 300 stock index yesterday pushed through the 4,000 mark for the first time, closing up 2.6 per cent at 4,090.57. It has now grown 55 per cent since the start of the year and more than tripled in value in the past 17 months.
Strong demand from domestic investors, many of whom are using savings to buy shares, is helping to underpin gains. However, some analysts have warned that a stock-market bubble is being created.
If you would like to comment on this story, contact:
020 7034 2636
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till