60 Day capital gains tax reporting for residential disposals confirmed

60-day capital gains tax reporting for the disposal of residential property has been confirmed by the Chancellor. This doubles the previous 30-day period, which many individuals were struggling to achieve.

Announced in Autumn Budget 21, on 27 October 2021, the deadline for UK residents to report and pay capital gains tag (CGT) on the sale of a residential property in the UK has increased from 30-days to 60-days.

This change is with immediate effect from 27 October 2021.

The previous requirement to report Capital Gains on the sale of a residential property came into force from 6 April 2020. This proved unpopular with many sellers and their lawyers as it gave only a short window of time to calculate the gains due and subsequently report and pay these. There was also criticism from many sectors, that there was not enough education of these new rules, with many sellers and their legal representatives unaware of the requirement.

60-day capital gains tax reporting for mixed use properties

Where a mixed-use property is disposed of, only the resident element is part of the property falls under the 60-day reporting and payment window.

Non-UK residents disposing of property

Non-UK residents disposing of any type of property in the UK also now have 60-days to report and pay capital gains tax (whether disposed of directly or indirectly).

Further Information

Further information on these changes can be found on the Government website here.

You can also read our more in-depth article on the subject here.

How Alexander & Co can assist with capital gains tax and the 60-Day capital gains tax reporting requirements

At Alexander & Co, all our tax accountants are fully certified, ensuring we provide expert advice to help reduce your tax liability as much as possible and keep you on the right side of HMRC.

We offer a complimentary initial consultation to discuss your personal circumstances and can provide a fee quote for any advice you require.

Should you need advice on calculating your capital gains tax liability, filing your tax return or negotiating with HMRC our team is able to assist you. We work with a wide range of clients, both across the UK and globally, from individuals, through to accidental landlords, buy to let investors and larger investors and developers.

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