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Second homes become tax target

A new campaign is targeting people who have sold properties that are not their main homes and failed to declare the profits.

The Property Sales Campaign, set up by HMRC, is aimed at those selling homes in the Uk or abroad where capital gains tax should be paid on any profits. This is typical of the sales of holiday homes.

Those targeted will have until 9 August to tell HMRC about any unpaid tax and then until 6 September to pay up. After this date the Revenue will start to take a much closer look at the tax affairs of those who have sold properties and appear to have paid no capital gains.

The head of HMRC campaigns, Marian Wilson, has urged that if people come forward voluntarily, they will receive the best possible terms.

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