HMRC – Property Sales Campaign is for those people who have sold or disposed of a second or additional residential property either in the UK or abroad. These could include a holiday home or property that you have rented out.
The campaign is an opportunity for you to bring your tax affairs up to date, so if you have sold a residential property, that is not your main home and have made a profit but not told H M Revenue & Customs, you may not have paid the right amount of tax.
To take advantage of HMRC’s Property Sales campaign you must voluntarily disclose your income or gains and pay what you owe by 6 September 2013. After this date, HMRC will use the information it holds to target those who should have made a disclosure under this campaign, but failed to do so.
If you do come forward and tell HMRC as part of this campaign about any gain that you haven’t previously disclosed you can assess the correct level of penalty to reflect why you have not paid the right amount of tax in the past and if your circumstances warrant it, you may be able to pay what you owe by instalments.
If you are eligible to take part in this campaign and you decide to tell HMRC then you must notify them before 9 August 2013. “Making a Notification” can be completed online and submitted by email, printed off and posted or by telephoning HMRC. Alternatively, you can ask your accountant to contact HMRC on your behalf.