People that haven’t paid tax on profits from the sale of second homes face fines and prison as part of the latest campaign against tax evasion by HMRC.
The property sales campaign is aimed at those selling homes in the UK or abroad, where CGT should be paid on any profits made, including properties people have sold that were given to them, and the sale of holiday homes.
People will have until 9 August to tell HMRC about any unpaid tax on property sales, and until 6 September to pay the tax owed.
After 6 September, HMRC will take a closer look at the tax affairs of those who have sold properties other than their main home, but who appear to have paid no CGT.
Those who come forward voluntarily will pay a lower penalty than if HMRC approaches them first.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.