Today is the deadline for declaring gains on overseas property sales – don’t get caught out!

Thursday, August 08, 2013

Today is the deadline for declaring gains on overseas property sales – don’t get caught out!

Have you sold a second home, including a property abroad, in the last 20 years and not yet declared any gain you made on the property?

British taxpayers have until midnight tonight, Friday 9th August to inform the HMRC of any sale of a second home since 1993, declaring any gain that may have been made on the property's value. The outstanding tax owed must be paid by 6th September 2013.

The HMRC have already written to over 35,000 people they believe have not yet declared the sale of an overseas property, but even if you haven't received a letter, you may still be liable thanks to the self-assessment tax rules in the UK. The best terms of repayment will only be offered to those who voluntarily declare their gains.

Do bear in mind that this campaign is only targeted at second home owners, so if the property that you sold was your main residence at the time of the sale, it's not affected.

You can still make your notification online using the online form, which can be completed and emailed to HMRC or by telephoning them on 0845 601 8819 (although this line closes at 6.30pm)

To submit a notification, you will need;

• your name and current address
• your email address (if notifying online)
• your National Insurance number
• your Self Assessment Unique Taxpayer Reference (UTR) if you have one

For more detailed information from the HMRC, visit their website by clicking here

Author

A Place In The Sun