Govt shuts down property tax scam

The scheme, marketed to high net worth individuals, uses a series of artificial transactions to generate tax relief from a property business which owns agricultural land. People who suffer financial losses due to agricultural expenses allowances are able to claim property business loss relief. The businesses and land used in this scheme are real, but the transactions involved are only generated to create an artificial loss in order to gain tax relief, the Treasury said in a statement. It was being used by wealthy taxpayers in order to reduce their end-of-year bill, the government s...