The Office of Tax Simplification (OTS) has recommended that the government double the Capital Gains Tax (CGT) reporting and payment deadline for disposals of UK residential property to 60 days.
Rules introduced in April 2020 mean that a UK resident disposing of UK residential property making a gain which is liable to CGT currently has just 30 days from the date of completion to inform HMRC and pay any tax owed. The OTS said this is a challenging deadline and found that a third of CGT returns were being filed late.
The OTS has called on the government to consider doubling the deadline to 60 days or to mandate estate agents or conveyancers to distribute HMRC-provided information to clients about these requirements.
Details of the current reporting requirements can be found here
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Hawsons have the knowledge and expertise to accurately calculate your capital gains tax liability and file the return correctly within the required timeframe. We can also identify any tax planning opportunities and apply any reliefs which may be available to mitigate the liability.
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