Why Nigerians Who Own Property In UK Are Panicking
Is there a skeleton in your cupboard or you just have a couple of millions to hide?
Nigerians who own property in the UK are in panic mode and they have every reason to be scared.
Last week, the UK Government introduced a new law that requires foreigners who own properties in the country to explain the source of their funds or risk forfeiting such to authorities.
You may also recall that recently, the Nigerian government said it would implement a certain reporting standard that would allow it to share customer information with money deposit banks and foreign governments.
This development has reportedly given some Nigerians, who own property in the UK, sleepless nights.
They are reported to have inundated the Federal Ministry of Finance’s Voluntary Assets and Income Declaration Scheme (VAIDS) hotlines with calls, causing the lines to crash on Friday.
A source at the VAIDs office, told the News Agency of Nigeria that the unprecedented level of calls is connected with the new UK regulation on Unexplained Wealth Orders, UWOs.
The source disclosed that the VAIDs office has been receiving massive calls and frantic requests from tax payers based in the UK, in the last 72 hours, asking for extension of time to enable them to complete their VAIDS declaration forms.
Read More: How To Reduce Your Tax Burden
According to the new law, the UWOs could be obtained on any property or combination of properties valued at 50,000 pounds, about 25 million naira or more, for which the owner is unable to explain a legal source of its funding.
The source said that the data already in the possession of the VAIDS office in the Federal Ministry of Finance revealed that many UK property owners had underpaid their taxes before transferring funds overseas to buy properties.
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