Property Sales Campaign
HMRC's latest campaign, the Property Sales campaign, is an opportunity for taxpayers to bring their tax affairs up to date if they have sold a residential property, in the UK or abroad, that’s not their main home and the relevant capital gains have not been disclosed to HMRC. The opportunity can also be used for any sales of a main home not fully covered by the private residence exemption. Taxpayers wishing to take advantage of the disclosure opportunity must voluntarily disclose of any gains and pay the relvevant tax and penalties by 6 September 2013. In exchange, HMRC will offer the "best possible terms" with regard to penalties. The scheme is for use by individual taxpayers only and is not applicable to trusts, companies or partnerships.
Taxpayers who participate in the campaign you must also tell HMRC about any other previously undisclosed icome and gains.
After 6 September, HMRC will use the information it holds to target those who should have made a disclosure under this campaign and failed to do so.
For further details of the campaign, please click here.
Further reading available as follows:
- Changes to the taxation of UK property
- Capital gains tax and property - an overview of common pitfalls