HMRC Property tax campaign targets second home sales March 5th, 2013 admin Latest News Shares Comments People who have sold properties that are not their main homes, and who have not told HMRC about any profit made, are being targeted in a new campaign. The Property Sales Campaign is aimed at those selling homes in the UK or abroad, where Capital Gains Tax (CGT) should be paid on any profits made. This includes, for example, properties people have sold that were given to them, and the sale of holiday homes. People will have until 9 August to tell HMRC about any unpaid tax on property sales, and until 6 September to pay the tax owed. After 6 September, HMRC will take a much closer look at the tax affairs of those who have sold properties other than their main home, but who appear to have paid no CGT. By using this campaign to come forward voluntarily, people will receive the best possible terms, as any penalty they pay by coming forward voluntarily will be lower than if HMRC comes to them first. Marian Wilson, Head of HMRC Campaigns, said: “Some people will not understand that selling a second home, a holiday home or a property disposed of as a gift could attract Capital Gains Tax. They need to look at our website or contact us. Telling HMRC about your tax liabilities is simple and straightforward, and help, advice and support are available.” It is better to come to us before we come to you. After the opportunity closes on 6 September, HMRC will use information it holds about property sales, in the UK and abroad, to identify people who have not paid what they owe. Penalties – or even criminal prosecution – could follow.” People can take part in the campaign by telling HMRC about unpaid tax by 9 August disclosing the details of what they owe paying the tax owed by 6 September. For more details plus help and support about the campaign, customers can visit HMRC’s website. Help is also available from HMRC by calling 0845 601 8819. People need not be concerned about the sale of their main home (also known as their private residence) as this is usually exempt from capital gains tax. This exemption may not apply, however, when it has not been their only home or main residence throughout, or they have used it for business purposes, including letting the property, or they have sold part of the garden. HMRC holds the database for all property disposals attracting Stamp Duty Land Tax. Once the campaign disclosure period closes, HMRC will compare this property disposal data with people’s tax records to establish whether they have told HMRC about the sale or disposal of second and holiday homes. Submit News Contact us with your community, business or sport news. Phone 07930717137 Email [email protected] Twitter www.twitter.com/onthespot_news Breaking local news as it happens, searchable archives with photographs, the ability to instantly comment on news articles – there are so many advantages to OTS (Onthespot) News. If you want your news read locally online then send it to [email protected] – relying only on the newspaper is to restrict yourself to an ever reducing audience. Onthespot – your online reporter www.onthespotnews.co.uk Do you have a story to tell? Please text or phone 07930717137 or email [email protected] Follow OTS (Onthespot) on Twitter www.twitter.com/onthespot_news Related Comments comments!