Added 3rd September: Though the date to register if participating in this campaign has been and gone (Aug 9th), HMRC are saying that those with relevant, undeclared, income could still benefit from the more lenient terms on offer if they get in touch before the deadline of Friday 6th of Sept. Penalties will be more severe if HMRC come looking for you first.
The Property Sales Campaign goes after those who have recently sold a second property, but have not paid any Capital Gains Tax. It runs until the 6th of September 2013, but in order to participate you must have registered by the 9th August.
The campaign is aimed at anyone who has recently sold a property, other than their place of residence, whether within the UK or abroad. This could have been a holiday home, investment property, inherited property, etc.
Investigators at HMRC will be trawling through all the information and resources it has at its disposal on property sales, both in the UK and abroad.
More lenient terms have been promised for those who come forward and pay what they owe before September 6th. For those who do not come forward voluntarily, harsher penalties, and possibly criminal prosecution, will be applied.
You can contact the HMRC's Property Sales Campaign helpline on 0845 601 8819 ( 8am to 6.30 pm, Mon to Fri). If calling from abroad use +44 120 258 5395.
This campaign is part of a series of campaigns that have been run by HMRC offering more favourable terms to those who come forward, but promising to vigorously chase down those who fail to declare taxes owed. In the past few months, campaigns have been targeted at online sellers; Plumbers; anyone with outstanding VAT; door to door/party sellers; Swiss account holders, etc. So far these campaigns have netted HMRC over £540 million in voluntary declarations. Another £140 million has been recovered as a result of HMRC activity and investigations.