The Let Property Campaign (LPC), introduced in 2013, is a disclosure initiative of HMRC aimed at encouraging landlords who own and rent out residential properties to come forward and disclose any rental income they may have previously undeclared to the tax authorities
The Let Property Campaign has a wider range of coverage for landlords who can take advantage of its benefits. Nonetheless, there are some exceptions to keep in mind.
Any landlord who has undeclared income related to residential property can apply for the Let Property Campaign. This includes landlords:
When determining penalties, HMRC considers the behaviour that led to the understatement, whether you voluntarily came forward, and the quality of your disclosure.
The penalties are calculated as a percentage of the potential lost revenue which is additional tax amount payable by the landlord after taking into consideration of undisclosed property income.
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