Individuals whom have sold a second property, on which Principal Private Residence (PPR) relief, was not fully available have just one week to come forward under the second home amnesty.
Failure to declare a second home could result in a loss of Capital Gains Tax (CGT). After the amnesty HMRC will use stamp duty, land registry and their records to identify the potential sale of second homes. For those who have not declared the sale of such a property HMRC will charge penalties, potentially up to 200% of the undeclared tax, or possible pursue criminal prosecution.
Under the amnesty penalties charged could be as low as 20%.If you have concerns that taxes have not been declared on the sale of a property please contact Claire Spinks or Zoë Harris on 01403 271919.