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Taxman Issues Final Warning for Second Property Owners

Thatched CottageHM Revenue and Customs (HMRC) have issued a reminder that people who have sold properties, either in the UK or abroad, that were not their main residence have one week (until 9 August)  to disclose any capital gains on which Capital Gains Tax (CGT) is due.

Any tax due as a result of a disclosure must be paid by 9 September.

Those who come forward voluntarily will receive more favourable treatment than those identified by HMRC as not having paid what they owe.

HMRC will be examining sales of properties which were not the main home of the owner but where no CGT has been paid.

Where HMRC discover that CGT should have been paid, they will raise a charge for the appropriate tax plus interest and, normally, penalties. In extreme cases, HMRC will prosecute.

For more details, see the HMRC website.