Sold Your Second Home?

March 11th, 2013  |  Published in Latest News

If you have a second home, such as a buy to let, or a holiday home, in the UK or abroad you may be liable to Capital Gains Tax on any profit you made.

HMRC’s property sales campaign is aimed at those selling homes in the UK or abroad, 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.

If you think that this may apply to you, get in touch.

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