7 November 2016
HMRC run various campaigns designed to encourage individuals to get their tax affairs up-to-date, in return for more favourable settlement terms. One such campaign is the ‘Let Property Campaign’ (LPC).
To qualify for using the LPC you must be:
- an individual;
- letting property in the UK and/or abroad; and
- in arrears with HMRC on advising them of this source of income.
Landlords letting non-residential property are not able to use this campaign.
If individuals have undisclosed residential rental income, then this campaign offers the best solution to bring their affairs up-to-date. Currently, there is no disclosure window, ie. there is not an end date by which disclosure must be made in order to benefit from the campaign, but the sooner disclosure is made, the better the terms for resolution can be achieved.
If you are in this position and wish to make use of the LPC, then please do not hesitate to contact our tax specialist Brian Carey.