HMRC Launch Property Tax Campaign Targeting Second Homes

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August 21st 2018
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HMRC Launch Property Tax Campaign Targeting Second Homes

Profits made in the sale of a second home without disclosure are now being focused on by the taxman.

Capital gains tax does not apply to the sale of a main home, or the private residence of an individual, but a home which does not come under this definition requires gains to be declared and the appropriate amount of tax paid.

Using a database of all property sales from the Land Registry and selecting sales attracting Stamp Duty, HMRC have been able to cross reference with income tax records to single out non-disclosure cases.

All people on this list will be contacted after September 6th 2013, but under the new Property Tax Campaign are being given the opportunity to come forward voluntarily.

By making a voluntary declaration by August 9th 2013 and payment by September 6th 2013 of outstanding taxes, people can avoid penalties and possible criminal prosecution.

HMRC has stated penalties will be lower pre-deadline than if they have to contact the individual first.

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