HMRC clamp down on second homes

HMRC’s Property Sales Campaign is aimed at those selling second homes in the UK or abroad where Capital Gains Tax (CGT) should be paid say Harris & Co chartered accountants Northampton who specialise in tax services to small and medium sized businesses. It includes properties that were rented out and holiday homes. Taxpayers who are unsure whether they are liable to CGT may refer to the decision tree available on HMRC’s website.

Those who disclose voluntarily by 9 August will receive the best possible terms and lower penalties. After 6 September, HMRC will use information they hold about property sales in the UK and abroad to identify people who have not paid what they owe, and penalties or even criminal prosecution could follow.

More details are available from HMRC.