ARTICLE · 11 NOVEMBER 2021

CGT 30 Day Deadline Extended To 60 Days

Albert Goodman

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Since the introduction of self assessment back in 1997, UK resident individuals have been required to report disposals of property on their annual tax return and pay over any capital gains...

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Since the introduction of self assessment back in 1997, UK resident individuals have been required to report disposals of property on their annual tax return and pay over any capital gains tax (CGT) due by 31 January following the end of the tax year. A new regime was introduced in April 2020 which drastically shortened the window for both reporting such disposals, and paying over the CGT.

Who is affected?

A new 'UK land return' must be filed with HMRC within 60 days of a property disposal, with a payment on account of the CGT being made by the same date. The original deadline had been 30 days but this was extended in the Autumn Budget after various professional bodies calling for an extension to give taxpayers more time to deal with everything. The 30 day deadline still applies for any disposals which completed before 27 October 2021.

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