Let Property Campaign

The Let Property Campaign (LPC) gives individuals an opportunity to bring their UK tax affairs up to date if they have been letting out residential property, either in the UK or abroad. It also allows other tax irregularities to be “wrapped up” within the same disclosure (e.g. any interest earned on the rental income deposits).

Unfortunately, the LPC cannot be used by companies, trusts or those who have been letting out commercial property. If this is you or your client, please do get in touch and we can discuss the best way forward.

It is important to remember that, just because you may not have made a profit by letting out your property, you should still be declaring the income (and any appropriate expenses) to HMRC.

HMRC are taking a much tougher stance on non-compliance, including “naming and shaming” and higher financial sanctions. Making an “unprompted” disclosure has a significant impact on the potential penalties which HMRC can seek to assess and taking control of the process also allows the taxpayer to provide a full picture to HMRC in one go, rather than responding to HMRC’s queries.

In order to make a disclosure via the LPC, you must first apply to register. Pending acceptance into the process, you then have 90 days to make a full and complete disclosure.

HMRC reserve the right to refuse entry into the process, in which case they may open a compliance check or, in more serious cases, a civil or criminal fraud investigation.

Despite the voluntary nature of making a tax disclosure, it is important to remember that any potentially contentious process with HMRC should be taken seriously. Failure to provide a full and complete disclosure of all relevant liabilities may have significant implications.

Equally, it is important that you or your client do not provide HMRC with information that they are not entitled to, as this could lead to further questions or, potentially, a more detailed investigation. It is important to speak to a specialist, who can ensure that the process is properly managed and that the LPC is the best option for you, having in mind your wider affairs and the risk of prosecution.

HOW CAN HAMILTON ROSE HELP?

We have 30 years of combined experience dealing with HMRC and we have dealt with hundreds of voluntary disclosures over that time, including c.300 via the "Liechtenstein Disclosure Facility". We know how to manage the process correctly to ensure that HMRC receive the information they require in order to accept a disclosure, that the correct amount of tax is paid and that your best interests and assets are protected.