CGT reporting deadline for disposals of residential property

The deadline for reporting and paying the CGT liability on disposals of UK residential property has been increased from 30 days to 60 days following recommendations made by the OTS.

This change applies with immediate effect for disposals made on or after 27 October 2021.

This is a welcome change as it provides taxpayers with more time to comply with their CGT obligations, with many taxpayers only finding out about these obligations after they have disposed of a property.

Taxpayers who miss the new 60-day reporting deadline will continue to be subject to the automatic £100 late-filing penalty.

The government has also clarified that where a gain made by UK residents relates to a disposal of mixed-use property, only the proportion of the gain that relates to UK residential property is subject to the 60-day reporting and payment deadline.

Get in touch

To find out how you or your organisation might be affected by the 2021 Autumn Budget please contact us.

Key contact

Paul Barham Partner & Head of International Private Client Tax

Detailed profile

UK CGT non-resident CIVs

Following representations from the fund industry, some amendments have been made to the capital gains rules (TCGA SCh5AAA) concerning disposals of UK property by collective investment schemes (CIVs) and their investors.

Capital gains reporting requirements

If you are thinking of selling a residential property which is not your main residence then there are property tax issues to consider.