Latest News

Property Sales Campaign – deadline approaching fast

Friday 6 September is the deadline for making disclosure and payment under HMRC’s Property Sales Campaign

This latest campaign is aimed at individuals who have disposed of a residential property (which was not their main residence) at home or abroad, and have not informed HMRC about the disposal. The following situations will be affected:

  • those who have sold their main residence when some periods of ownership did not qualify for principal private residence relief
  • buy to let landlords
  • those who have sold second homes, and
  • individuals who have disposed of property by way of a (usually family) gift.
  • People who wanted to use the campaign had until 9 August to notify, and have until 6 September to put in their disclosure and settle any tax, interest and penalties.

Going forward HMRC have promised to look much more closely at people who have sold properties but who do not seem to have paid any Capital Gains Tax, and to apply much higher penalties than those offered under the campaign. Our experience is that this threat is now being reflected in the reality of negotiating penalty settlements where a previous campaign could have applied.

If you have missed the deadline for notification you should still act as by reporting voluntarily as lower penalties can be negotiated.

If you have made a notification in error and have now decided to withdraw it, you should contact HMRC – before they contact you!

As always – contact us for practical friendly advice