Advertisements

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.

Advertisements

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

One Response to “Nigerians who own property in UK panic over new law”

  1. Nothing will happen Britain is accomplice in the crime of looting in Nigeria, they are aiding and abetting all the looters providing with information and training on how to move funds to a tax free Island with bogus companies.. Britain is the incubator of looters and mother of all evil

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: