Video:

The-UK-property-sales-campaign

Property sales campaign in the UK

Author: Chris Springett, James Kirk (yBC.tv)

Categories: Personal Finance, Tax Planning
Tags: discosure, property owenership, residency, tax
A property sales campaign was launched in the UK recently and addressed issues about declarations, which Chris Springett discusses in this TV show.

HMRC Property sales campaign

HMRC launched a property sales campaign earlier this year, part of a much wider series of campaigns where they look at specific areas. But this one was focusing very much on property sales. So those selling largely their investment properties and second homes and perhaps not making the correct declarations on their self-assessment tax returns. The way that these campaigns work, HMRC launches the campaign and offers a disclosure facility. So taxpayers who haven’t made the necessary declarations can come forward, make those declarations and the, I suppose the carrot, if you like, in the arrangement is that they will be under a fixed penalty regime. The stake is if they don’t come forward, HMRC will then go out and obtain information from third parties. In this case in the property sales campaign, you’re looking at land registry, estate agents, so who’s selling properties, when have they been sold, have corresponding declarations been made? And if not you’re looking at much larger penalties and also the risk of criminal prosecution rather than a civil under the disclosure, very relevant at the minute because in mid-September the disclosure facility under this campaign actually closed. So if individuals haven’t made the necessary disclosures they need to be taking some action in order to push this forward. They won’t be able to do it under the campaign obviously, but there’s still facilities available to come forward and declare the previously undeclared gains. You’ll be in a much better position than if HMRC catch up with you by coming forward and making a disclosure now. _______________________________________________________________ Inside Finance TV will continue to discuss issues surrounding property sales in the UK and internationally.
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