Nigerians who own property in UK panic over new law

Nigerians who own properties in the United Kingdom have
inundated the Federal Ministry of Finance’s Voluntary Assets and
Income Declaration Scheme 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 was not unconnected with the
new UK regulation on Unexplained Wealth Orders.

The source disclosed that the VAIDs office received 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 complete
their VAIDS declaration forms.

The UK Government had, last week, introduced a new law that
requires foreigners who own properties in the country to explain
the source of their funds or risk forfeiting them to the
government.

According to the new law, the UWOs could be obtained on any
property or combination of properties valued at 50,000 pounds
(N25m) or more, for which the owner is unable to explain a legal
source of its funding.

The source said 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.

“Concerted efforts are ongoing to restore the hotlines following
the crash on Friday.

“Most of the calls received are from high net worth individuals,
including company executives, bankers and even a governor.

“All seem to be in panic over the prospect of losing their
investments,” said a source within the VAIDS Office.

The official said that some of the apprehensive Nigerian
property investors in UK had even visited the Federal Ministry of
Finance, requesting to see the minister and also the Head of the
VAIDS office.

The source explained that most of the inquiries were about
seeking assurance from the Nigerian government that the VAIDs
programme could protect them from potential asset forfeiture to the
UK Government.

Others requested to know if their names had appeared on the
lists the VAIDS office had obtained from overseas.

The UWO law, coupled with the revelation that many foreign
governments are automatically sharing bank and property information
with Nigeria, has resulted in an upsurge in inquiries about
VAIDS.

VAIDS allows Nigerian tax payers to restate their income and
assets without limit and thus could potentially allow those who own
properties that cannot be explained by their previously declared
income to regularise by declaring and paying the correct taxes.

(NAN)

Nigerians who own properties in the United Kingdom have
inundated the Federal Ministry of Finance’s Voluntary Assets and
Income Declaration Scheme 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 was not unconnected with the
new UK regulation on Unexplained Wealth Orders.

The source disclosed that the VAIDs office received 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 complete
their VAIDS declaration forms.

The UK Government had, last week, introduced a new law that
requires foreigners who own properties in the country to explain
the source of their funds or risk forfeiting them to the
government.

According to the new law, the UWOs could be obtained on any
property or combination of properties valued at 50,000 pounds
(N25m) or more, for which the owner is unable to explain a legal
source of its funding.

The source said 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.

“Concerted efforts are ongoing to restore the hotlines following
the crash on Friday.

“Most of the calls received are from high net worth individuals,
including company executives, bankers and even a governor.

“All seem to be in panic over the prospect of losing their
investments,” said a source within the VAIDS Office.

The official said that some of the apprehensive Nigerian
property investors in UK had even visited the Federal Ministry of
Finance, requesting to see the minister and also the Head of the
VAIDS office.

The source explained that most of the inquiries were about
seeking assurance from the Nigerian government that the VAIDs
programme could protect them from potential asset forfeiture to the
UK Government.

Others requested to know if their names had appeared on the
lists the VAIDS office had obtained from overseas.

The UWO law, coupled with the revelation that many foreign
governments are automatically sharing bank and property information
with Nigeria, has resulted in an upsurge in inquiries about
VAIDS.

VAIDS allows Nigerian tax payers to restate their income and
assets without limit and thus could potentially allow those who own
properties that cannot be explained by their previously declared
income to regularise by declaring and paying the correct taxes.

(NAN)