Let Property Campaign

The Let Property Campaign offers a disclosure opportunity to taxpayers who have UK rental income from residential property that has not been disclosed to the UK tax authorities.

It offers the chance to bring their affairs up to date in a relatively uncomplicated way.

Who can use the LPC?

LPC allows landlords of residential properties to disclose a wide variety of information, including:

Landlords who rent out one or more properties in the UK
Landlords living overseas and let out property in the UK
Landlords who rent out their primary residence
Landlords who specialise in property lets for students
Landlords who let out holiday homes

HMRC have for some time now, been targeting compliance activity across all landlord types and will identify and write to landlords who they consider may not have declared all their rental income.

This will involve HMRC carrying out compliance checks or enquiries to resolve matters. The individuals involved will not then be able to make use of the opportunity offered as part of this campaign.

Making a disclosure to HMRC of a known problem is the best way to mitigate penalties as HMRC can issue higher penalties where they have promoted a disclosure by issuing a letter to the taxpayer.

HMRC will identify those who they believe should have made a disclosure by analysing information they obtain from letting agents, land registry, mortgage records and council records, and comparing that to tax returns that have been submitted.

If you have rental income from residential property that has not previously been disclosed to HMRC, contact us and we can talk you through the process of correcting your tax affairs.