Budget: Extended CGT reporting deadline for residential sales

1st November 2021

UK resident individuals who dispose of UK residential property are sometimes required to deliver a CGT return to HMRC and make a payment on account of CGT now within 60 days (instead of the previous 30 days) of completion of the property disposal. Broadly, this only applies where the property disposal gives rise to a CGT liability and as such usually excludes the disposal of a property to which private residence relief applies.

 

Non-UK residents are subject to similar deadlines in respect of the disposal of all types of UK land and property.

 

In both cases, for disposals that complete on or after 27 October 2021, the reporting and payment deadline was extended to 60 days following the completion of the disposal.

 

From the same date, changes will clarify that for UK residents disposing of a mixed use property, only the portion of the gain that is the  residential property gain is required to be reported and paid.

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