disclosure

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.