The Government has started identifying a number of property development firms for investigation as it turns a spotlight on the use of offshore companies.
The Evening Standard understands a “crack team” of experts is being put together to look into the issue of tax avoidance in the wake of the Panama Papers leak, with an initial focus on developers operating in the London property market.
Recruitment now appears to be underway, with a number of property firms already marked for closer inspection.
Financial Secretary to the Treasury David Gauke told the paper: “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.”
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