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Taxpayers who have kept silent about profit earned on the offloading of a residence other than their main homes have one month left to make use of an HMRC ‘amnesty’.
The property sales campaign is aimed at people who have made money on the sale of second homes in the UK or abroad – including those that have been rented out or used only for holidays – and have not paid the necessary capital gains tax (CGT).
Taxpayers who have kept silent about profit earned on the offloading of a residence other than their main homes have one month left to make use of an HMRC ‘amnesty’.
The property sales campaign is aimed at people who have made money on the sale of second homes in the UK or abroad – including those that have been rented out or used only for holidays – and have not paid the necessary capital gains tax (CGT).
The deadline for registering with the initiative is 9 August, while details of the outstanding CGT and the monies owed must be handed to the Revenue no later than 6 September to avoid possible prosecution by the department.
Tax officials have warned that they hold a database of all property disposals that attract stamp duty land tax – which will be compared at the end of the campaign with tax records to establish whether or not they have disclosed the sale of a second home. Taxpayers who are found to be evading CGT could face legal action.
