Posted by James Pearson on 16 Aug 2013
Property Sales Campaign – An Update
Further to our previous articles on the subject, HM Revenue & Customs’ (HMRC) Property Sales Campaign is aimed at individuals selling second homes in the UK or abroad where capital gains tax (CGT) should be paid. It includes properties that were rented out and holiday homes.
The 9 August deadline to inform (HMRC) of any unpaid tax has now passed, while the due date for settling any liability is 6 September.
After 6 September HMRC will use the information they hold about property sales in the UK and abroad to identify people who have not paid what they owe, and penalties or even criminal prosecution could follow.
HMRC have confirmed that even if the deadline for notifying your intention to disclose has been missed, it will still be in the interests of an individual to make an unprompted/voluntary disclosure, as the penalty they are likely to face will still be lower than it would be if HMRC discovered the underpayment themselves.
Tax Innovations advice on the Property Sales Campaign
We have extensive experience in our team of managing HMRC disclosures, involving both UK and foreign sited income and gains. If engaged we will ensure you pay no more than you need to in terms of tax and penalties.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or firstname.lastname@example.org.
- Property Partnership Incorporation and SDLT
- Tax Relief For Residential Mortgages
- Overseas Pension Changes 6 April 2017
- Companies House and HMRC Scam Alert
- Top 10 Expat Tax Tips for Individuals Moving to the UK