What is the Let Property Campaign?

The Let Property Campaign is HMRC's targeted initiative for individual landlords who may have unpaid taxes from letting out UK residential property, whether it's a single home, multiple properties, or holiday rentals. Even if you're living abroad and renting out a UK property, HMRC expects disclosure.

Why Should You Act Now?

Failing to disclose rental income could lead to severe penalties or, in some cases, even criminal prosecution. By voluntarily disclosing, landlords can reduce their penalties significantly, avoiding further action from HMRC. Once you notify HMRC of your intent to disclose, you'll have 90 days to settle your tax bill.

Who Should Consider Disclosing?

This campaign is for:

• Landlords renting one or multiple residential properties

• Those renting out a room above the Rent a Room Scheme threshold

• Landlords letting out properties while living abroad

• Individuals with inherited property income

It’s not for:

• Non-residential property landlords (e.g., shops, garages)

• Companies or trusts needing disclosure.

If you're a landlord with undisclosed rental income, HMRC's Let Property Campaign offers a chance to set things right — but time is of the essence.

HMRC'S Let Property Campaign

How to Get Started

1. Notify HMRC of your intent to disclose, either for yourself or on someone’s behalf.

2. Calculate your liability: Gather records, calculate rental income, deduct allowable expenses, and assess what’s owed.

3. Make the Disclosure: Submit your detailed disclosure and payment within the 90-day timeframe.

Consequences of Non-Compliance

If HMRC uncovers undisclosed income later, the penalties can be substantial — up to 100% of the owed tax or even 200% for offshore income. By acting now, you can avoid these penalties and ensure peace of mind.

As ex-HMRC tax professionals, here at the Tax Faculty we feel we are best positioned to be able to support you in any tax-related issues you may have with HMRC. Contact us today for a free consultation to see how we can help you

Our Team Are Ready To Assist You

Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year 2023

The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.

Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.

Read more about Charles and the award here.

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