Questions and Answers
Do I have to file my Capital Gains Tax report in 30 or 60 days?
I have just sold a property in the UK and am unsure if I have to file a Capital Gains Tax report within 30 or 60 days?
Since April 2020, UK residents who had Capital Gains Tax (CGT) to pay on the sale of a UK residential property have had to report this to HM Revenue and Customs within 30 days of completion and pay any tax due as well.
But, on 27th October 2021, the Chancellor announced in his Autumn Budget that the deadline would increase from 30 days to 60 days for any properties that complete from that date – 27th October 2021. Any properties where the sale completed before 27th October 2021 will still need to be reported within 30 days to HMRC.
There are also specific rules for non-UK residents disposing of UK land, but the 30-day extension will also apply to any of these disposals where completion is on or after 27th October 2021.
If you would like any advice or assistance in this area please contact us on 0131 665 0771 or use our simple online contact form to arrange a free initial consultation.
Frequently Asked Questions
If you have sold a property, or are thinking of selling a property, you may need to report this to HM Revenue & Customs (HMRC) and pay Capital Gains Tax (CGT). Properties used solely as your main residence are unlikely to have a CGT liability and the sale probably won't need to be reported to HMRC. However, if the property was rented out you may need to take action. If you are a UK resident and there is a CGT liability on the property sale you will need to report this to HMRC within 60 days of completion. If you are non-UK resident, you will need to report the sale to HMRC within 60 days of completion whether there is a CGT liability or not. Speak to an accountant who can calculate your CGT liability, look at tax reliefs and prepare your report to HMRC.
Date published 22 Nov 2021 | Last updated 30 Nov 2021
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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