HMRC targets second homes

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PROPERTY owners who have sold homes other than their main residence, and who have not told HM Revenue and Customs about any profit made, are being targeted in a new campaign.

The Property Sales Campaign is aimed at those selling homes in the UK or abroad, where capital gains tax should be paid on any profits made.

This includes, for example, properties people have sold that were given to them, and the sale of holiday homes.

People will have until August 9 to tell HMRC about any unpaid tax on property sales, and until September 6 to pay the tax owed.

After September, HMRC will take a much 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.

HMRC is urging people to come forward voluntarily to receive a lower penalty. Find out more at hmrc.gov.uk