Only A Week To Make Payments For Second Home Capital Gains Tax

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July 15th 2020
Tax Week 15
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Only A Week To Make Payments For Second Home Capital Gains Tax

People who came forward under HMRC's Property Tax Campaign now have a week to make any payments due.

In August we wrote about the Property Tax Campaign, here - and we're following up to advise readers of the payment deadline.

HMRC allowed people who sold non-primary residence property (i.e second homes, holiday homes), without declaring any capital gains, the opportunity to come forward with minimal penalties. People had until August 9th to make the declaration and then until September 6th to make full settlement of taxes due.

As of writing, September 6th is a week away and in order to comply with the terms of disclosure, payments would need to reach HMRC by this date.

Hundreds of people have come forward to take advantage of this [Property Tax Campaign] ... It is not too late to contact us.

Marian Wilson, Head of HMRC Campaigns

Missing the disclosure or payment deadline will result in a harsher crackdown on people HMRC have listed using Land Registry property sales data. Property data for the UK is supplemented with data for property sales abroad.

HMRC can be contacted on 0845 601 8819.

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