HMRC targets second home sellers
The taxman has launched a new campaign aimed at raising cash from those who have not paid Capital Gains Tax on the sale of their second home.
HM Revenue & Customs (HMRC) has launched the Property Sales Campaign, targeting people who have sold properties that are not their main homes, but haven’t told the taxman about any profits they may have made.
This includes those selling homes abroad, holiday homes and the sale of properties that were given to them.
If this applies to you, you have until 9th August to tell the taxman about any unpaid tax and until 6th September to settle the bill.
Once the September deadline has passed HMRC has said it will begin to “take a much closer look” at the tax affairs of people that have sold properties without paying Capital Gains Tax (CGT). Should it discover that you have failed to come forward to pay your outstanding tax, you will be hit with a far harsher penalty, potentially criminal prosecution.
This is just the latest in a long series of specialist campaigns from HMRC, which has identified specific areas where it believes tax has not been paid. So far these campaigns have targeted offshore investments, medical professionals, plumbers, VAT defaulters, coaches and tutors, electricians, online traders and higher rate taxpayers with outstanding tax returns.
HMRC claims that these campaigns have raised £547 million in voluntary disclosures alone so far, with a further £140 million pocketed as a result of follow-up activity.
What do you think of this latest campaign? Is HMRC simply focusing on easy targets or is it right to put the sale of second homes under the microscope? Let us know your thoughts in the Comment box below.
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Comments
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If its an easy target HMRC cannot get there quick enough. Anything to make them look like they are actually earning their wages. But as HMRC are now scrapping the barrel when it comes to justifying their excessively fat wage packet by hounding those for what ever reason might have a second home why are they not starting at the top. Lets start with the royals they surely have to be the easiest target of all for HMRC with their mansions all over the place. If the mansions and palaces are not for sale then why not get them on benefits in kind. After the royals what about Cameron and the rest of his cabinet? Benefits in kind, free limo's n driver backwards and forwards to work or TESCO's, and and and something for the weekend mmmm??? what about all those grace and favour homes they all have coming out of their ears. According to Cameron we are all in to together, if thats true! whats good for the goose has to be good for the gander. Come on HMRC for a change do some real work and chase, corner, gang hound, harass, persecute into submission your own bosses.
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Silly idea. You want to release housing stock. Tax second home owners for having two houses. No excuses. If you lived together and bought a second home then it is a second house. Don't tax them any extra for selling it. Then watch as new homes come onto the market in droves.
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It wouldn't be so bad if the tax they squeezed out of us was used to benefit/create a good society, but this country has gone completely to the dogs. We're paying for lazy dole-ites and immigrants and an infrastructure so poor it would put a 3rd world country to shame.
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08 March 2013