Property Sales Campaign – HMRC’s latest crackdown

If you’ve sold a second property either in the UK or abroad, HMRC is giving you the chance to bring your tax affairs up to date by 6 September 2013.

After this date, HMRC plans to target all those who should have made a disclosure under the ‘Property Sales Campaign’. The property sold could be a holiday home or rental property although the campaign is open to those who have sold their main home as relief can be restricted in some circumstances.

If you are eligible to take part in this campaign, you must also tell HMRC about other forms of income or capital gains not previously disclosed, such as sale of other assets or untaxed income from another business.

If you think you are eligible to take part in the Property Sales Campaign, you’ll need to notify HMRC by 9 August 2013 and this can be done via the online forms on HMRC’s website.

If you’d like to discuss your tax obligations and requirements in more detail, contact Curo’s head of tax, Julia Whelan on 01527 558539 or email Julia on [email protected]

Curo Chartered Accountants

May 2013