The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. Participation in the campaign is open to all residential property landlords with undisclosed taxes. The campaign is not suitable for those letting out non-residential properties.

Landlords who do not avail themselves of the opportunity and are targeted by HMRC can face penalties of up to 100% of the tax due, as well as possible criminal prosecution. Taxpayers who come forward will benefit from better terms and lower penalties for making a disclosure. Landlords who make an accurate voluntary disclosure are likely to face a maximum penalty of 0%, 10% or 20%, depending on the circumstances, in addition to the tax and interest due. There are higher penalties for offshore liabilities.

There are three main stages to taking part in the campaign: notifying HMRC that you wish to participate, preparing an actual disclosure, and making a formal offer together with payment. The campaign is open to all individual landlords renting out residential property. This includes, amongst others, landlords with multiple properties and specialist landlords with student or workforce rentals. Once HMRC have been notified of the wish to take part in the campaign, landlords usually have 90 days to calculate and pay any tax owed.