An estimated 248 overseas investors in UK buy-to-let properties came forward to admit tax evasion in the last year. Many of these people will be UK expats living abroad rather than foreign investors, according to UHY Hacker Young.

The disclosures of underpaid tax were made to HMRC via its let property campaign. As part of the campaign, HMRC sends out warning letters to taxpayers it suspects of underpaying tax. The individual then has 90 days to calculate how much is owed to HMRC or risk facing a full investigation.