HMRC have announced that the next in their series of tax disclosure campaigns will be aimed at people with undeclared property sales. If you have ever sold a residential property (other than your main home) in the UK or abroad, and not told the taxman about it, you might be liable to pay Capital Gains Tax. The Undeclared Property Sales Campaign, due to start in March 2013, could be your opportunity to tell HMRC about it, and get your affairs up to date.
HM Revenue & Customs’ Tax Disclosure Campaigns provide opportunities for people to come forward and voluntarily put their tax affairs in order – in a simple and straightforward manner, before the taxman investigates them. The typical Campaign process involves HMRC identifying a target group and then gathering information that can be used to encourage that group to come forward and to investigate them if they do not. The method of disclosure is simplified and straightforward. Penalties are charged at the minimum levels. Once a specific campaign closes, the tax inspectors use that intelligence in their follow up action; which can include highly intrusive tax investigations, significantly higher tax geared penalties, naming and shaming, and even criminal prosecution – for those who do not make full disclosures voluntarily.
What does this mean for me?
HMRC has not yet provided any further details about who will be covered in this campaign, how to make the disclosure, or any of the terms of the disclosure on offer. We will report these as soon as the taxman makes them available. However, if you do have any undisclosed property sales you may now want to think about making a full voluntary disclosure.
How can Lynam Tax Disclosure Experts Help Me?
Lynam Tax specialists have huge experience in assisting taxpayers with voluntary disclosures and obtaining the optimum outcome, including keeping the number of years assessed and the penalties charged to a minimum.
For immediate help and advice telephone:
Paul Lynam on: 0845 643 9997
Andrew Nutbrown on: 07718 778710