Buy-to-let landlords are sitting on a 'tax timebomb’

Never mind how Budget 2012 might affect a relatively small number of millionaires using offshore companies to avoid Stamp Duty. Here and now, accountants say thousands of buy-to-let landlords are sitting on a “tax timebomb”.

Many will have to pay two years’ tax liabilities during the next six months, creating a cashflow crisis after years of lightly-taxed income and gains. The explanation of how this works is complex – but ignorance is no defence when HM Revenue & Customs (HMRC) demands its share.

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