News Stories

Mar 21, 2013

Second Homes

Have You Sold a Second Home Recently?

HMRC is to launch a campaign aimed at people who have failed to declare Capital Gains Tax (CGT) on the sale of a second home, possibly going back many years.

Estimates vary regarding the number of UK families owning at least one second home. A survey last year found that almost two million households in England alone stated they owed a second home. 

If you have an undisclosed declaration, you have until 9 August 2013 to make your declaration followed by a further four weeks in which to pay any tax owing.

After this time, HMRC have advised that they will start looking in to records of stamp duty payments, to detect people who have sold a property (other than their main home) without paying CGT. Any penalties charged for non-payment will be higher than for those who disclose voluntarily. 

If you are unsure if this new HMRC tax drive may apply to you or for advice on property law, please contact us for advice.

01295 759400
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Johnson and Gaunt Solicitors