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News - 1 August 2013

Second Property Tax Campaign: Time is running out.

People who have sold properties which are not their main homes, and have not told HM Revenue and Customs (HMRC) about any profit, have one month left to make use of the disclosure opportunity.

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. It includes properties that were rented out and holiday homes.

Taxpayers have until 9 August to tell HMRC about any unpaid tax on such property sales, and until 6 September to pay the tax that they owe. By using the campaign to come forward voluntarily, people will receive the best possible terms, and any penalty will be lower than if HMRC approaches them first.

Head of HMRC Campaigns, Marian Wilson, said:
“If you have sold a second home you might not know it could attract Capital Gains Tax. If anyone has done this in the past and is unsure, they should look at HMRC’s website and use our simple decision tree to find out if they might owe CGT. Telling HMRC about your tax liabilities is straightforward, and help, advice and support are available.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“After 6 September, HMRC 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. They will use information that they hold 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.”

If you need any help and advice on Inheritance tax or capital gains Tax, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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