HM Revenue & Customs (HMRC) is set to launch a new compliance campaign shortly aimed at those who have disposed of UK residential property and either failed to disclose the disposal, or incorrectly reported the disposal. HMRC are expected to send out 14,000 'nudge' letters to individuals it believes made a taxable residential property disposal in the 2018/19 tax year.
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Latest articles from Amber Heron
From 1 April 2021, the government intends to impose a 2% surcharge on non-resident individuals purchasing residential property in England and Northern Ireland. Scotland and Wales will undoubtedly follow suit. Where the purchase will result in the non-resident investor having an interest in another residential dwelling, the 2% non-resident surcharge will apply in addition to the existing 3% surcharge for additional dwellings.
The OTS has extended its call for comments on the principles of Capital Gains Tax until 9 November 2020.
The taxman has updated the online system to allow reports of second and subsequent property disposals to be made for Capital Gains Tax purposes.
Gift Aid allows UK charities to claim back the basic rate tax already paid on donations by the donor. In a recent case the courts refused to allow a man to amend his tax return in order to correct his error of declaring £400,000 instead of £800,000 in the charitable giving section - leaving him with an additional tax bill of £200,000+.