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Buy to let mis-selling – a taxing issue?

By now, almost everyone has become aware of the ever increasing range of financial mis-selling that has occurred over the last 10 to 20 years.

Ranging from Payment Protection Insurance (PPI), Mis-sold mortgages, such as endowments or investments, these areas are becoming ever more publicised and consumers are now armed with the knowledge and assistance to seek an appropriate remedy when this occurs. In short, mis-selling means that you were given unsuitable advice, the risks were not explained to you or you were not given the information you needed and ended up with a product that wasn’t right for you.

The next area to hit the spotlight may well be for "buy-to-let tax advice”.

Whilst purchases in the buy-to-let market have reduced following the recent regulatory and tax changes, one danger that has arisen recently is the tax advice that may have been given by brokers. This area was flagged up at the recent Financial Service Expo in London with brokers being advised to steer well clear of the "tax” issue and to limit the advice they give to the mortgage only and ensure that records are kept to demonstrate that specialist tax advisers gave any such advice, not the mortgage broker. Whilst more professional landlords are likely to be aware of the tax rules, those who merely dabble in this field may well find themselves in difficulty later on.

We can now arrange After the Event Insurance for Financial Mis-selling claims so if you operate in this field, do get in touch, to find out more about our ClaimSafe After the Event Insurance for Financial Mis-selling claims.

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