Hacked by Loard Mahdi

Read more...

Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Public Accounts Committee shocked over tax relief monitoring

Read more...

Job cuts hamper tax collections 30 May 2012

Read more...

HMRC claim over £1billion in tax avoidance saved.

Read more...

Contact Us
News Items
Tax Tips

Great with People
Brilliant with Numbers
Clear and Precise with Words


Call us now on 023 8083 6900 ABDS Home

News - 7 March 2013

HMRC targets second home sales

The Property Sales Campaign, the latest campaign against tax evasion set up by HMRC, is aimed at those selling homes in the UK or abroad, where Capital Gains Tax (CGT) should be paid on any profits made, including properties people have sold that were given to them, and the sale of holiday homes.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“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.”

Marian Wilson, head of HMRC campaigns, said: “Some people will not understand that selling a second home, a holiday home or a property disposed of as a gift could attract CGT. They need to look at our website or contact us. Telling HMRC about your tax liabilities is simple and straightforward, and help, advice and support are available.”

A spokesman for HMRC said it did not have a target for the amount of tax it wanted to raise from its property campaign. Data from the 2011 census indicates that 1.57 million people living in England and Wales have a second address in the UK, whilst a further 820,000 indicated that they have a second address outside of the UK, he said.

HMRC has recently interrogated data on over 10m property transactions to identify which ones may not have been accurately returned by customers, he said.

HMRC said that its campaigns against tax evasion in different parts of the economy have raised £547 million from voluntary disclosures, and nearly £140m from follow-up activity, including 20,000 completed investigations.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
 “Campaigns have targeted offshore investments, medical professionals, plumbers, VAT defaulters, coaches and tutors, electricians, online traders and higher rate taxpayers with outstanding tax returns. There are 13 criminal investigations underway, with five convictions already secured, according to HMRC.”


If you need any help and advice on Tax, VAT or the implications of HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Great with People  Brilliant with Numbers Clear and Precise with Words

« Back to News