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.
"Rishi Sunak's Autumn Budget 2021 changed that!"
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.
"The 60-day extension was part of the recommendations made by the Office of Tax Simplification!"
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.
Until next time ...
Would you like to know more?
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Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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