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HMRC have launched a crackdown on taxpayers who fail to disclose profits from the sale of residential property, other than their main home, in the UK or abroad.
The department’s new disclosure campaign inivites individuals to come forward with the details of income and gains and pay them in full before 6 September, or face investigation by tax officials.
The Revenue says it will levy reduced penalties on those who make a disclosure, but no details have yet been released.
HMRC have launched a crackdown on taxpayers who fail to disclose profits from the sale of residential property, other than their main home, in the UK or abroad.
The department’s new disclosure campaign inivites individuals to come forward with the details of income and gains and pay them in full before 6 September, or face investigation by tax officials.
The Revenue says it will levy reduced penalties on those who make a disclosure, but no details have yet been released.
The scheme is not intended for people who buy and sell property as a business, or those who have have a gain made by a trust, company or partnership.
But is a taxpayer who has sold his or her main home may be able to take part: although normally exempt from capital gains tax via TCGA 1992, s 222, relief may be restricted in some circumstances if, for example, the property was a gift or an inheritance.
