HMRC recently launched a new campaign to recoup undeclared profits on the sale of second homes. The Property Sales campaign is designed to claw back any unpaid Capital Gains Tax from people selling property that is not their main residence. This includes buy-to-let and holiday homes in the UK and abroad.
Individuals have until August 9 to disclose any unpaid CGT on property sales, and any tax owed must be paid by September 6.
Sellers who make a disclosure voluntarily are likely to receive a lower penalty compared to those who are approached directly by HMRC.
Head of HMRC Campaigns, Marian Wilson, said: “It is better to come to us before we come to you.
“After the opportunity closes, HMRC will use information it holds about property sales, in the UK and abroad, to identify people who have not paid what they owe. Penalties – or even criminal prosecution – could follow.”
If we can help please telephone Rob on 01823-462400 or email rcadwallader@bjdixonwalsh.com
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article