13:15 PM, 7th May 2013, About 11 years ago
The HMRC property sales campaign has recently been launched to encourage taxpayers who have not already done so to tell them about the sale of, or disposal of, properties that are not their main homes either in the UK or abroad, and have failed to declare any profits on which Capital Gains Tax should be paid.
Taxpayers have until the 9th August 2013 to tell HMRC they may have unpaid tax and until the 6th September to calculate their liability and pay what they owe. After the 6th September, as quoted on their own website “HMRC will use the information it holds to target those who should have made a disclosure under this campaign and failed to do so.”
HMRC have said that by coming forward voluntarily taxpayers are likely to receive better terms than if HMRC comes to them first.
You are eligible for this campaign if :
This campaign is not for you if you:
If you take part in this campaign and tell HMRC about any gain that you haven’t previously disclosed you can assess the correct level of penalty to reflect why you have not paid the right amount of tax in the past. Under certain circumstances you may be able to pay what you owe by installments.
If you think this may apply to you, and you would like help to regularise your tax affairs with HMRC, please Click Here
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