Time is running out for landlords who have sold properties but not declared gains to the taxman.
They have until only next week (August 9) to tell HMRC about any such sales and their profits, and until September 6 to pay the tax due.
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.
Marian Wilson, head of HMRC campaigns, said: “Over the last few months we have published articles and written to a lot of people to make them aware of the campaign.
“As a result, hundreds of people have now come forward. It is not too late for people to contact us.”
After September 6, 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.
HMRC holds the database for all property disposals attracting Stamp Duty Land Tax. Once the campaign disclosure period closes, HMRC will compare this data with people’s tax records to establish whether they have told HMRC about the sale or disposal of second and holiday homes.
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