Tuesday, March 5, 2013

Cgt

HMRC targets second home sales

HM Revenue & Customs is launching a campaign today targeting people who sold second homes without declaring any profits made to the taxman.

Posted by dill @ 07:23 AM (3438 views)
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4 thoughts on “Cgt

  • I find the comment by Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants (ACCA) amusing: “HMRC need to be very careful to operate with a light touch [as] there are situations where ordinary people will get caught. For example when two people, each with a property, decide to get married and don’t realise that there is a time limit of two years to elect a principle residence.”

    It is not a valid defence that you don’t know the law.

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  • What this will achieve, is derelict homes not sold. People will vote with their feet.

    This, I have recently discovered is why so many commercial properties lie empty. Folk are just sitting on them to avoid capital gains tax.

    When will Gov-Co realize that tax is the problem, not the solution?

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  • As usual Libertas, you are talking rubbish.

    There’s no incentive for owners to leave business premises empty to avoid capital gains tax because the owners of said premises are liable for full business rates after three months.

    Owners of empty private housing are also liable to council tax.

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