Global

Details

  • Service: Tax, International Corporate Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 3/15/2013

United Kingdom - Amnesty for undeclared gains on property sales 

March 15: HM Revenue & Customs (HMRC) announced a campaign aimed at disclosure and recovery of unpaid capital gains tax on the sale of property.

The campaign offers an opportunity for taxpayers with undeclared gains on property located in the UK or abroad, with a participation deadline of 9 August 2013 and any unpaid tax due by 6 September 2013. Taxpayers who participate in the disclosure program will receive lower penalties and better terms than those approached by HMRC.


Read more about the campaign on the HMRC website.

UK-Switzerland tax agreement

The UK/Switzerland tax agreement entered into force on 1 January 2013, and applies to UK persons who have an account in Switzerland. UK account holders must take some action by 31 May 2013―even the compliant―because they will need to authorise the bank to disclose details (effectively to HMRC) or be subject to a one-off deduction of between 21% and 41% of the account balance. There are additional options for non-UK domiciled individuals.


Read a March 2013 report [PDF 132 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matter (15 March 2013)


Today's KPMG report also provides summaries of the following items:


  • Chancellor’s Budget 2013
  • Plant and machinery allowances - second-hand fixtures
  • Minor changes to group relief legislation
  • Annual residential property tax: HMRC guidance



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