60-day CGT deadline: Missed by many taxpayers

Last month, the Financial Times released an article detailing the huge numbers of buy-to-let investors and second homeowners failing to meet the 60-day Capital Gains Tax reporting and payment deadline, which is as high as 20%.

The article can be found here: One-fifth of property sellers miss CGT payment deadline | Financial Times

The new rules for UK landlords selling UK residential properties being required to file Capital Gains Tax returns to report the sale and pay any Capital Gains Tax due was introduced in April 2020. Initially, the deadline was 30 days from the date of completion, but this was extended to 60 days at the end of October 2021.

Although this reporting requirement has been in effect for more than two years, we are still experiencing clients that are unaware of the new rules, which ties into the statistics raised by the Financial Times. It is important if you are due to sell a property and you are unsure whether any there is any reporting requirement to contact us. We can review your position and advise thereon as there are circumstances where filing a 60-day Capital Gains Tax Return is not required.

For non-UK resident landlords, it is important to note that different rules apply and from 6 April 2020 you would need to report the disposal of any UK land and property, not just UK residential property. From 6 April 2015 to 5 April 2020, the sale of UK residential property should have been reported, it is only since 6 April 2020 that all UK land and property needs reporting. Again, please contact us at Whitings and we can review your position and advise thereon.

If the above is of any concern to you, we would be happy to help. Please get in touch with your usual Whitings contact or speak to your local Whitings LLP office here https://whitingsllp.co.uk/about-us/contact-us/

Disclaimer - All information in this post was correct at time of writing.