HM Revenue & Customs (“HMRC”) have launched a new property sales campaign. HMRC is targeting anyone who has sold residential property (other than their main home) in the UK or abroad.
HMRC believe that many have failed to disclose profits or capital gains on second home sales. Property developers, those with holiday homes or other second homes, as well as buy to let investors will all be targeted.
Individuals and businesses have until 9 August 2013 to tell HMRC about any unpaid tax on property sales and must pay any tax owed by 6 September 2013. Those who come forward voluntarily will pay a lower penalty than if HMRC approaches them first.
If you would like further information, or wish to discuss, please contact us.