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Investments income targeted by HMRC

Taxpayers with investment income will be targeted by HM Revenue & Customs (HMRC) in spring 2009 in a new compliance campaign, a chartered accountancy firm has claimed.UHY Hacker Young discovered the plans from documents obtained under the Freedom of Information Act and said that more people than any previous campaign could be targeted.In the past, HMRC mainly focused on taxpayers with offshore account and property income, but may target those with shares, bonds and UK bank accounts.Roy Maugham, a Hacker Young tax partner, said: "HMRC is ploughing on with new interventions targeting taxpayers with investment income despite the worry this will cause to taxpayers and the lack of success from previous campaigns."It seems particularly inappropriate at a time when many people will have made very significant capital losses on the same investments that might be providing them with a very small income."After making the request, Hacker Young was told by HMRC that it is has sent 7,381 intervention messages to buy-to-let landlords in the last four months and is about to send a second round of letters to offshore account holders.

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