Brokers should cash in on HMRC tax amnesty
The Property Sales campaign is an opportunity for anyone who has sold or gifted second or additional residential properties in the UK or abroad to voluntarily disclose their income or gains and pay what they owe in the way of tax by 6 September 2013.
However property owners wanting to take part in the Campaign need to notify HMRC by 9 August 2013 in order to qualify for the reduced level of penalty.
After the amnesty has closed, HMRC will levy a higher rate of penalty of up to 100% of tax.
Tom Lacey, tax manager from tax lawyers Moore Blatch, said: “The HMRC amnesty is good news for anyone who has unwittingly failed to pay monies owed to HMRC especially if they have sold their house following an inheritance or windfall.
“We are also advising mortgage brokers who specialise in buy to let or property investment to draw their clients’ attention to the amnesty and for them to seek advice from their solicitor or tax accountant.”
Moore Blatch warns that many property owners may have inherited their property or received it as a gift and are unaware that they are liable to pay tax on the profit gained following the sale of the home.
The HMRC Campaign also covers sales of gardens for building plots.