HMRC target sales of second homes

posted on March 26, 2013in the Blog Category

HMRC target sales of second homes

This new campaign targets those who have sold a property that is not their main residence and who have not declared any profits as a result.   It is aimed at those selling homes in the UK or abroad where capital gains tax should have been paid.  This would include for example buy to let or a holiday home. HMRC have indicated that people have until 9 August to inform HMRC about any unpaid tax and until 6 September to pay any tax owed.  After this window closes HMRC has indicated that penalties or criminal prosecution could follow. This is the latest in a series of campaigns which have targeted amongst others, plumbers, offshore investments, eBay traders, and medical professionals. Elaine Jess, Partner

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