Nigerian property owners in the United Kingdom are on a knife edge at the moment as new property ownership rules were made by the British authorities.
Trepid at the news steaming out of the U.K, Nigerian property owners, mostly eminent Nigerians ran to the Ministry of Finance for help seeking the important hand of the Voluntary Assets and Income Declaration Scheme of the Ministry to help restore the authenticity of their properties. They sought to know if their properties will be protected from the hammering from the British authorities if they declare their assets in Nigeria and pay the right taxes accordingly.
The VAIDS’ lines had crashed on Friday after receiving too many calls from frantic Nigerians looking for a saving grace. Nigerians’ run for cover is not in disconnection with the new regulations from the U.K on Unexplained Wealth Orders.
Nigerians resident in the UK have constantly been on the neck of the VAIDS for the last 72 hours as they hurriedly try to fill their asset declaration forms which may likely protect them.
Last week, the UK government had set a new law that requires foreign property owners to explain the source of their funds or risk losing ownership of the properties.
The UWOs could be placed on any property or combination of properties valued at 50,000 pounds (N25m) or more, for which the owner did not have a legal source of its funding.
Most Nigerian property owners in the U.K have been underpaying their taxes and are seeking the VAIDS to help spare their blushes.
Some of the disturbed property owners were at the Ministry seeking to see the Minister of Finance or ask if their properties will be affected by the new UWOs. Many others also requested to know if their names were on the list obtained by VAIDS from the U.K.
There has been a great increase in the usage of VAIDS as many foreign countries have resorted to partnering with Nigeria in spilling the bean about property owners in their countries and their investments.
VAIDS is a scheme that allows Nigerian tax payers to state their income and assets without limit and may help as many who own properties without concrete explanations to do the right thing by declaring their assets and pay the right taxes on them.