HMRC has announced that it will be using its extensive data gathering powers to trace people who have sold properties (in the UK or abroad) other than their main homes as such 'second' homes are likely to be subject to Capital Gains Tax. (Note: where there is a choice of available residences, the taxpayer does generally have the option to nominate which should benefit from the Relief, and for how long).
HMRC is urging affected taxpayers to make use of the on-going Property Sales Campaign in order to benefit from the most favourable terms available, and to
- Notify HMRC (that there has been a chargeable property sale) by 9 August 2013 and
- Pay any outstanding Capital Gains Tax by 6 September 2013