Capital Gains Tax Reporting Extended to 60 Days

Oct 28, 2021

Capital Gains Tax Reporting deadline increases to 60 days

The Autumn Budget 2021 includes an announcement that the Capital Gains Tax Reporting deadline is to be extended to 60 days from the previous deadline of 30 days. For disposals of UK residential property completed on and after 6 April 2020 UK tax residents have had to report the gain to HMRC, and pay the CGT due, within 30 days of completion. Non-UK tax residents have been obliged to report any disposals of any UK property or land (residential or commercial) and pay any CGT due within the same time limits.

The Autumn Budget 2021 has changed that. For disposals that complete on or after 27 October 2021 the reporting and payment deadline will be 60 days after the completion date. Relevant disposals that completed before 27 October 2021 are still subject to the 30-day deadline.

While the CGT reporting extension is good news, other CGT announcements have been sparse. I have been expecting CGT rates for second properties would rise in line with personal tax rates. Maybe Rishi Sunak is saving this for next year, given the Office of Tax Simplification’s recent Capital Gains Tax review.

Although extending the deadline for reporting the CGT on UK property did form part of the OTS’ overall recommendations, the OTS review contained far more recommendations, including; a potential closer alignment between rates of income tax and capital gains tax, reform or replacement of business asset disposal relief (formerly known as entrepreneurs’ relief), and scrapping the little-utilised investors’ relief.

Will any of these recommendations ever come to pass? Only time will tell. My bet is that they will. It’s just a matter of when given the level of national debt and the easy target chancellors seem to think landlords are.

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