As part of the recent budget, the government has immediately extended the deadline to report a Capital Gain on the sale of residential property from 30 days to 60 days.
This is probably in response to complaints made by members of the Association of Accounting Technicians who have been very vocal on the subject
Adam Harper, Director of Professional Standards and Policy, AAT, said: “Since the change to 30 days came into effect last year, AAT has repeatedly highlighted its members’ concerns, particularly AAT Licensed Accountants, with the unreasonable nature of a 30-day timeframe for reporting qualifying CGT liabilities.
“AAT was convinced that the most effective solution to this problem would be to double the reporting period from 30 to 60 days. That’s what we spoke to various stakeholders about and made representations to Treasury ministers and provided a Budget submission on, so naturally, we are very pleased that they’ve listened and acted accordingly.”
If you sold property in the UK on or after 6 April 2020
You must report and pay any tax due on UK residential property using a Capital Gains Tax on UK property account. You must do this within:
- 60 days of selling the property if the completion date was on or after 27 October 2021
- 30 days of selling the property if the completion date was between 6 April 2020 and 26 October 2021