HMRC launch new campaign targeting second home sales
A new campaign called The Property Sales Campaign has been launched by HMRC in the hopes of reclaiming capital gains tax from those have failed to tell the tax office about any profit they have made when selling properties that are not their main homes.
Sales targeted in the campaign include properties that were given to someone being sold as well as the sale of holiday homes and buy to let properties. In all these circumstances Capital Gains Tax should be paid on any profit made.
HMRC are giving people until 9th August to admit to any unpaid tax on property sales and until 6th September to pay what is owed. After this time HMRC will investigate the tax affairs of anyone they suspect of having evaded paying capital gains tax on second home sales and will subject anyone found guilty to harsher penalties than any penalties given to those who come forward voluntarily before these dates.
If you have sold a second home or holiday home you may have been unaware that you owe capital gains tax. To ensure you do not receive hefty penalty fines on top of any tax due you should contact HMRC before the deadline of 9th August.