HRMC warns second home sellers
Published by Max Salsbury for 24dash.com in Central Government and also in Finance, Housing
TaxImage: Tax via Shutterstock
People who have sold properties that are not their main homes but haven't told HM Revenue and Customs (HMRC) about any profit on the sale have one week left to pay their Capital Gains Tax (CGT) – or face the consequences.
HMRC’s Property Sales Campaign is giving second home sellers the opportunity to come forward if they have sold properties in the UK or abroad where CGT should be paid.
The net includes properties that have been rented out and holiday homes.
Sellers have until 6 September to pay any tax that they owe.
HRMC has said that those who come forward voluntarily will receive the “best possible terms”, with any penalty being lower than if HMRC catches them first.
After the deadline HMRC says it will take a much closer look at the tax affairs of people who have sold properties other than their main home, but who appear to have paid no CGT.
The department has warned that penalties or even criminal prosecution could follow if sellers don’t come forward.
Marian Wilson, head of HMRC Campaigns, said: “Hundreds of people have come forward to take advantage of this campaign. It is not too late to contact us.
“If you have sold a second home you might not know it could attract Capital Gains Tax. You should look at HMRC’s website to find out if you owe CGT. Telling HMRC about your tax liabilities is straightforward and help, advice and support are available.”
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