Tax alert on Games bonanza

HOME owners looking to cash in by renting out their properties during the Commonwealth Games have been warned by tax bosses not to get greedy.

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As reported by the Evening Times, hundreds of people are advertising their homes for the once in a lifetime sporting event in the hope of making a fortune.

Some homes in Glasgow's West End are being offered for prices as high as £13,000 for the duration of the Games, which begin in July.

But HMRC has warned homeowners hoping for big paydays that they will be keeping a close eye on who is renting their property.

Tax bosses said they expect any income tax due to be paid in full.

An HMRC spokesman said: "We would urge all people doing this not to get greedy and pay any tax due.

"If they don't pay the tax then they can expect a knock at the door from us".

Tax chiefs say they have experienced teams in place who monitor websites and newspaper adverts to draw up databases of those renting their homes.

However, it is expected the numbers of people involved for the Commonwealth Games will be larger than anything seen before.

And the rents being asked are on a scale unlikely to be matched again.

The spokesman added: "We fully understand that many will view it as a once in a lifetime opportunity with the Ryder Cup and Commonwealth Games both taking place.

"But they must ensure any income they make is declared on their self assessment tax return.

"If they pay PAYE then they will have to make a supplementary payment.

"We will be keeping a close eye on people looking to make money from renting their homes. We will be monitoring adverts."

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