The most popular second home locations
York has been voted the most popular choice for a second home in the UK in the poll for whathouse.co.uk. Around 66% of readers voted for York as their top choice, followed by Devon with 9%, the Scottish Highlands (7%), and Bath and Cornwall (both 5%). Brighton took 4% of the vote.
“While York is a vibrant city with lots to offer residents and holidaymakers, coastal counties like Cornwall and Devon are traditionally considered to be more desirable areas for second homes,” said whathouse.co.uk assistant editor Laurna Robertson. “I wonder if the popularity of York may have to do with the more affordable homes for sale there in the current climate.”
Meanwhile, people who have sold properties that are not their main homes and who have not told HM Revenue and Customs (HMRC) about any profit made, are being targeted in a new campaign.
The Property Sales Campaign is aimed at those selling homes in the UK or abroad where Capital Gains Tax (CGT) should be paid on any profits made. This includes, for example, properties people have sold that were given to them, and the sale of holiday homes. People will have until 9 August to tell HMRC about any unpaid tax on property sales, and until 6 September to pay the tax owed.
After 6 September, HMRC will take a much closer look at the tax affairs of those who have sold properties other than their main home, but who appear to have paid no CGT.
Marian Wilson, Head of HMRC Campaigns, said: “Some people will not understand that selling a second home, a holiday home or a property disposed of as a gift could attract Capital Gains Tax. They need to look at our website or contact us. Telling HMRC about your tax liabilities is simple and straightforward, and help, advice and support are available. It is better to come to us before we come to you. After the opportunity closes on 6 September, HMRC will use information it holds about property sales, in the UK and abroad, to identify people who have not paid what they owe. Penalties or even criminal prosecution could follow.”real estate, second homes
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