New HMRC Taskforce Targets Second Home Sales
New HMRC taskforce targets second home sales
People who have sold properties that are not their main homes, and who have not told HMRC about any profit made, are being targeted in a new HMRC campaign. People will have until 9 August to tell HMRC about any unpaid tax on property sales, and until 6 September to pay the tax owed.
The Property Sales Campaign is aimed at those selling homes in the UK or abroad, where CGT should be paid on any profits made. This includes, for example, properties people have sold that were given to them, and the sale of holiday homes.
After 6 September, HMRC will take a much closer look at the tax affairs of those who have sold properties other than their main home, but who appear to have paid no CGT. By using this campaign to come forward voluntarily, people will receive the best possible terms, as any penalty they pay by coming forward voluntarily will be lower than if HMRC comes to them first.
Capital Gains Tax is a complex issue, should you require any further information please contact our Tax Manager, Elliott Buss, email@example.com.
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