Keeping Tabs on Property Purchasers

From 4 July 2011 the forms that are required to be submitted to HMRC when a property is purchased have changed.

The significant change is that the ‘lead’ purchaser is now required to enter information on the form that will enable HMRC to track down their tax records.

The unique identifiers required are:

• for individuals, their National Insurance number
• for companies and partnerships, their Unique Taxpayer Reference (UTR) or VAT registration number

So please bear in mind that when you buy a property from now on details of the purchase will likely be sitting on your file at the tax office.