Tax Protection Insurance
From 11th July 2017, new members can benefit from free tax protection insurance worth over £100 per annum. Existing members will be awarded the cover on the anniversary of their next renewal.
This policy gives you peace of mind during HMRC enquiries, reviews, interventions and audits that your liability for tax and penalties due is minimised.
Such investigations and audits by the HMRC are usually very detailed and time-consuming to answer. The costs of defending yourself can easily run into thousands of pounds, even if little or no extra tax is paid at the end of the enquiry.
Under the policy you will be able to claim up to £75,000 of professional costs, in the following circumstances:
- A HMRC enquiry into tax return related to buy-to-let properties owned by you
- A dispute with the HMRC where additional VAT is being pursued
- A dispute with the HMRC where additional PAYE tax or National Insurance Contributions is being pursued
Key benefits include:
- Tax Investigation Insurance - where we require assistance from your accountant any fees that we agree with your accountant are covered in your policy
- Cover up to £75,000 per individual claim
Tax Protection Insurance Summary
For more details about your cover download the full policy wording.
To qualify for this cover, you need to meet the following criteria at the time of a claim:
- You must be a full paid up member of the RLA.
- You must be the main member named on the RLA account.
- Your rental income must be less than £500,000 per annum.
This insurance relies on you being a conscientious taxpayer. In order for your cover to be valid you must complete and submit the relevant returns properly, and on time.