Landlords could be owing money to HMRC if they have sold a second home.
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Many thousands of holiday home owners have been affected by recent changes to income, inheritance, and capital gains tax. But while most are aware there have been some big changes, not everyone fully understands them.
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If you have sold a residential property at a profit you may have to pay Capital Gains Tax. The Revenue believes that a significant number of people have failed to declare these gains, perhaps because they did not realise that tax might be due. If you come clean by 9th August 2013 you may be able to come to a favourable agreement with HMRC. If not, you could find yourself facing much more severe treatment because HMRC will use the information it holds to target those who should have made a disclosure but failed to do so.
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The Communities and Local Government Committee has published a report on the private rented sector and it sets out a list of recommendations for action by the government. Perhaps the most far- reaching suggestion is that letting and managing agents should be subject to the same regulations that currently cover estate agents who sell property.
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What is property guardianship, or 'extreme house sitting'? Find out about the increasing phenomenon that benefits both landlord and tenant
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