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Taxman goes after sellers of second homes

Taxman goes after sellers of second homes

People who have sold second homes or buy-to-let properties are being targeted by HMRC in a new campaign.

The Property Sales Campaign is aimed at those selling homes in the UK or abroad where Capital Gains Tax should be paid on any profits made.

This includes, for example, properties people have sold that were given to them, the sale of holiday homes and buy-to let investment properties.

People will have until August 9 to tell HMRC about any unpaid tax on property sales, and until September 6 to pay the tax owed.

After September 6, 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 has said that some people will not understand that selling a second home could attract Capital Gains Tax and they need to look at the HMRC website or contact them direct.

HMRC say it is better to go to them before they come to you!

After the opportunity closes on  September 6, 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.

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