HMRC Property Tax Campaign

HMRC Property Tax Campaign

March 5th 2013 1:32 pm

general

A new campaign targeting profits made on non-main home property sales has been started by HMRC. Specifically targeting peo ...

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A new campaign targeting profits made on non-main home property sales has been started by HMRC. Specifically targeting people who have sold homes, which are not the main home, either in the UK or abroad, having made a profit and then not declared the profits. In these circumstances the sales profits would almost certainly be liable to CGT (capital gains tax) depending upon costs. People who are in this bracket will have until August 9th to make their declaration and then up to September 6th to pay the outstanding taxes. By doing so they can receive a lower penalty then if they are investigated after the September 6th deadline, after which a much closer delving into their affairs will be made and penalties higher. HMRC will be able to select who to investigate using their database of all property disposals which attract Stamp Duty, and will cross reference this data with people who have declared Capital Gains Liabilities.

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