HM Revenue and Customs have announced that a ‘property campaign’ is due to start in March 2013, targeting those who have profited through owning and selling second homes or multiple properties.
The “campaign”, offering those who have failed to comply an opportunity to come clean on advantageous terms under voluntary disclosure protocols, follows targeted taskforces that looked at property transaction in London a year or so ago, and property rentals in several regions during the summer. These must have confirmed HMRC’s suspicions enough to justify a switch to the new disclosure strategy.
It isn’t clear yet which property owners will be targeted. Could ‘multiple properties’ include owners who have moved from one PPR property to another a ‘multiple’ number of times?
The concentration is more likely to be on buy-to-let landlords.
When those with portfolios of three or more properties in the North West and North Wales were targeted, the results were compared with their tax return CGT pages.
In last year’s ‘Closing in on Tax Evasion’ report, HMRC was particularly pleased with results gained from “third party data” and found non-disclosure in one instance by an individual who owned 11 properties in several Mediterranean countries. Further results from previous campaigns are also mentioned in the same report.
My advice is simple – if you are in receipt of rental income, or have sold / transferred a property which is not your own home, HMRC could soon be knocking on your door if you havent alrerady declared it.
Contact me without delay to see how I can help.
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David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation