A taskforce set up by HMRC focusing on property transactions in London is to bring in about £7m, the taxman has revealed.

The taskforce was launched in December and is one of 30 taskforces expected to recover £50m in tax. Last week, HMRC announced a taskforce concentrating on private landlords in Scotland.

HMRC’s director of local compliance, Richard Summersgill, said: “Taskforces only target people who are at high risk of breaking the rules and do not pay the tax they owe.“We know we are going after the right people; some taskforces have hit rates of 100% so far.“Only those who choose to break the rules, or deliberately evade the tax they should be paying, will be targeted.”

Story Courtesy of Estate Agency Today