Business News 05 Mar 2013

New campaign to recoup undeclared profits on second home sales



Residential landlords are the subject of a new HMRC campaign to recoup undeclared profits on the sale of second homes.

The Property Sales campaign is designed to claw back any unpaid capital gains tax (CGT) from people selling property that is not their main residence. This includes buy-to-let investments and holiday homes in the UK and abroad.

Individuals have until 9 August to disclose any unpaid CGT on property sales, and any tax owed must be paid by 6 September.

Sellers who make a disclosure voluntarily are likely to receive a lower penalty compared to those who are approached directly by HMRC.

Read more at http://tinyurl.com/a2wwtxu