HMRC has introduced important changes to the forms that must be submitted when a property is purchased.
The 'lead' purchaser is now required to submit information that will allow HMRC to track down their tax records, says Jacksons Law Firm of Newcastle.
The unique identifiers required are:
- National Insurance number of individuals
- Unique Taxpayer Reference (UTR) or VAT registration number of companies and partnerships
As Jacksons stresses, investors must be aware that the purchase details will most likely be sitting on their files at the tax office from now on.