HMRC’s Let Property Campaign has led to disclosures from less than three percent of its original target, accountancy firm Saffery Champness found using a Freedom of Information request.

The UK Government estimated in 2013 that up to 1.5 million landlords had underpaid or failed to pay up to £500 million in tax between 2009 and 2010.

However, in the five years since the campaign started, 35,099 people have made voluntary disclosures to HMRC, which represents just 2.3 percent of the individuals originally identified.

Meanwhile, of the estimated £500 million in underpaid taxes, the campaign so far has recover...