Tax Investigation Specialists

WLHTax - Campaigns

Property Sales Campaign

HMRC often run campaigns for a limited time, aimed at a particular group of taxpayers. One recent campaign has been the Property Sales campaign.

HMRC are targeting people who have sold a residential property but have failed to declare the capital gain fully on their tax returns – or have failed to declare it at all. The campaign allows an individual to make a voluntary disclosure of unpaid or underpaid tax in exchange for getting better terms for settlement than if HMRC were to start their own tax investigation.

As far as HMRC are concerned it does not matter whether the property is in the UK or abroad; however, if it is abroad then the taxpayer’s tax residence or domicile status will be relevant. The property involved could be a second home or a buy-to-let property. It could even be the main home, if the circumstances are such that Private Residence Relief does not cover all the gain.

As well as coming forward to notify HMRC of the capital gain, HMRC will expect to be notified of any other income or gains which have not previously been fully declared. For example there could be rental income received on a buy-to-let property. However, the additional income or gains do not need to be related to the property sales being disclosed; it could be income from another business, or interest received on which further tax is due.

There is a time limit for coming forward voluntarily. The underpaid tax must be notified to HMRC, and the tax paid, by 6 September 2013.

How WLH Tax can help

WLH Tax is a specialist tax investigation firm. We can prepare your disclosure for submission to HMRC and then negotiate settlement with HMRC. Alternatively, if you are already under investigation by HMRC, we can bring our expertise to deal with the investigation and negotiate a settlement with HMRC.

Call us now

If you are considering make a voluntary disclosure to HMRC under the terms of the Property Sales Campaign, or HMRC have opened a tax investigation into your tax affairs under the auspices of the Property Sales Campaign, then please contact us on 020 7491 9690 or 020 7491 9696 for a free, confidential and no obligation discussion. We are happy to have an initial free of charge meeting with prospective clients.