HER MAJESTY’S Revenue and Customs (HMRC) is urging British tax residents with second or holiday homes to settle their tax and capital gains bills by the September 6 payment deadline to avoid being fined.
Declarations of capital gains were due by August 9 as part of the tax authority’s Property Sales Campaign. It was targeting those selling homes in the UK or overseas where tax should be paid on profits made.
Those that have sold homes and not made the necessary payment face investigation and could be fined and charged interest on outstanding bills should they fail to meet the payment deadline. Non-payers could be subject to fines of up to 100% of the outstanding amount
Marian Wilson, head of HMRC Campaigns, said: “It is better to come to us before we come to you. After September 6 HMRC will use information it holds about property sales in the UK and abroad to identify people who have not paid what they owe. Penalties – or prosecution – could follow.”