Have you sold a property this year?
Do you plan on selling properties in the future?
HMRC has set up “Property Sales Campaign” to target those who have sold homes in the UK or abroad. This is to claim back any unpaid CGT on UK or holiday homes abroad.
If you have made any profit by selling second homes then HMRC are giving you until 9th August 2013 to come clean and to pay owed tax by 6th September 2013.
This will not affect people that are selling their main home.
However, if you have lived outside of the home and used it for business or rented the property then you should declare the sale to HMRC to prevent future questions.
HMRC has warned that it will be checking details on its database of property disposals attracting Stamp Duty Land Tax against individuals’ tax records in order to identify property sales that it hasn’t been told about.
If you would like support in regards to Capital Gains Tax and how to pay the least amount of tax in the future then please contact Simon this month for a free tax planning review.
For more information please contact us on 0115 946 1991 or Click Here To Email