HMRC targeting second property tax avoiders
HM Revenue and Customs is continuing with its campaign to target people who have sold properties which are not their main homes without declaring the profits. In a bid to raise more funds, the taxman has imposed a one month deadline for any tax to be declared.
HMRC's Property Sales Campaign is aimed at those 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. Taxpayers have until 9 August to tell HMRC about any unpaid tax on such property sales, and until 6 September to pay any tax owed.
After 6 September, HMRC says that they will take a much closer look at the tax affairs of people who have sold properties other than their main home, but who appear to have paid no CGT. They will use the information they hold 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.
August 2, 2013
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
