The Government has extended the deadline for submission of a Capital Gains Tax return, and to pay CGT due on the disposal of a UK home has been extended from thirty to sixty days ...
Any residential property disposed of within the United Kingdom that had been completed on or after the 6th of April 2020 had to be reported and the CGT paid within 30 days of completion.
Now, any disposal on or after the 27th of October 2021 has an extra 30 days from the completion date to file a CGT return and make full payment of anything due. Remember though, disposals before the 27th of October 2021 date are still subject to the 30-day rule.
Additionally, the Autumn Budget 2021 confirmed that for any mixed-use properties (business and residential), only the residential part needs to be reported to HMRC following disposal.
Although I feel that more can be done around Capital Gains Tax, this is a very positive change to give property owners a little more breathing room.
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