The great British buy to let market has been a mainstay of middle class wealth for decades. It has been a safe haven for excess funds; an easy to understand, accessible, liquid asset class which has seen thousands build up a valuable portfolio and in most cases generate additional income. However, this may all be about to change.
With the recent boom in buy-to-let mortgages and property sales, HMRC are clamping down on the estimated 900,000 landlords in the UK who have not registered for self-assessment to declare their profits.
If you have been renting out or have sold residential property in recent years and have not declared the income or capital gains to the taxman, there is an amnesty being run by HMRC.
You may have seen the piece yesterday in the Sunday Times Money supplement about HMRC going after people for capital gains tax on the sale of second homes.
Extra Statutory Concession A19 has been making headlines lately after HMRC recently campaigned to end ESC A19 altogether.
I inherited a house from my mother but the probate valuation has me concerned I’ll be losing out financially. Read this article on the subject.
