Print Page   |   Report Abuse
News & Press: International News

New Property Sales Disclosure Campaign

22 April 2013   (0 Comments)
Posted by: Author: Chartered Accountants Ireland
Share |

Source: Chartered Accountants Ireland

HMRC have recently launched what they refer to as ‘The Property Sales campaign’. This is a new disclosure opportunity which will enable anyone who has sold a residential property and not paid the right amount of tax on any profit made to take advantage of better terms by making a disclosure to HMRC. The deadline to notify intention to participate is 9 August 2013 with all disclosures to be submitted by 6 September 2013.

HMRC are clear that after 6 September, those who should have made a disclosure under this campaign and failed to do so will be targeted using intelligence information.

The campaign is available for a holiday home/property that was rented out in the UK or abroad. It can also be used where someone has sold their main home (whilst this would normally qualify for Private Residence Relief, in some circumstances the relief is restricted meaning capital gains tax would be due if an individual is liable to UK taxes).

The campaign does not apply to anyone who buys or sells property as a business. Nor is it available to anyone needing to disclose a gain made by a trust, company or partnership.

Anyone taking part in the campaign must also tell HMRC about any other income or gains that haven’t previously been disclosed from any other source.

Payment of the underpaid tax must be made to HMRC at the same time as the disclosure is submitted. However it may be possible to pay this in installments, subject to HMRC agreement. It should be stressed that an agreed payment arrangement must be in place before the disclosure and payment deadline and therefore it is recommended that HMRC are contacted at an early stage to discuss.


WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal