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CGT reporting deadline for property sales extended

Author: ICAEW Insights

Published: 27 Oct 2021

Following calls from ICAEW the government has confirmed that many taxpayers will now have twice as much time to report and pay capital gains tax after selling property in the UK.

Announced in the Autumn Budget 2021, the deadline for UK residents to report and pay capital gains tax (CGT) on the sale of UK residential property increases from 30 days to 60 days after completion.

The change comes into immediate effect and applies to completions made on or after 27 October 2021.

Budget documents confirm that when mixed-use property is disposed of, the 60-day payment window will apply only to the residential element of the property gain.

For non-UK residents disposing of any type of property in the UK, whether directly or indirectly owned, the deadline also increases from 30 days to 60 days.

ICAEW welcomes the changes, which follow recommendations by the Office for Tax Simplification and which were requested in its representations sent to the Financial Secretary to the Treasury ahead of the Budget (see ICAEW REP 95/21).

Further details:

Budget webinar

The Tax Faculty reflected on the Chancellor's announcements in this essential webinar. Freely available, watch the recording to find out what the Autumn Budget 2021 could mean for you and your clients.

Analysis from ICAEW's experts on the Autumn Budget 2021 and the comprehensive spending review published on 27 October 2021.
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