In another initiative designed to boost the treasury’s coffers, H M Revenue & Customs (HMRC) have written to approximately 40,000 individuals who they have identified have sold a property in the recent past but has not (in HMRCs opinion) been declared on a self assessment return.
The letter states “Our records indicate that you may have sold a property which is liable to Capital gains Tax (CGT)” and continues to offer a 30 day window of opportunity to correct any omissions:
“We are offering people who do owe capital gains tax a time limited opportunity to come forward and get up to date by paying the tax, interest and penalty due. They will benefit from the best possible terms which may avoid or reduce any penalty due”
To qualify for the offer, taxpayers are given 30 days to contact HMRC with details of the sale and have until 6 September to pay any outstanding tax. After 6 September, HMRC will use the information it holds to target those who should have made a disclosure under this campaign and failed to do so
If you have received a letter and are in any doubt about whether your property sale should be declared, and the tax implications of doing so, please contact your local Burgis & Bullock office on 0845 177 5500 or online.