Announced in the Autumn Budget 2021, the deadline for UK residents to report and pay capital gains tax (CGT) on the sale of UK residential property increases from 30 days to 60 days after completion.
The change comes into immediate effect and applies to completions made on or after 27 October 2021.
Budget documents confirm that when mixed-use property is disposed of, the 60-day payment window will apply only to the residential element of the property gain.
For non-UK residents disposing of any type of property in the UK, whether directly or indirectly owned, the deadline also increases from 30 days to 60 days.
ICAEW welcomes the changes, which follow recommendations by the Office for Tax Simplification and which were requested in its representations sent to the Financial Secretary to the Treasury ahead of the Budget (see ICAEW REP 95/21).
Further details:
- Capital gains tax payment on property disposal time limit extension – HMRC’s tax information and impact note provides more information.
Budget webinar
The Tax Faculty reflected on the Chancellor's announcements in this essential webinar. Freely available, watch the recording to find out what the Autumn Budget 2021 could mean for you and your clients.
Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.
Recommended content
Expert analysis
05 OCT 2021
Autumn Budget 2021
On 27 October 2021, alongside the publication of the government's comprehensive spending review, the Chancellor will announce the details of his second budget of 2021. Read ICAEW's analysis and reaction.
ReadLatest news
TAXwire
Stay up to date with the latest developments in tax by signing up to the Tax Faculty's weekly e-newsletter
Insights special
Building a better tax system for the UK
As HMRC embarks on a 10-year review of tax administration, ICAEW examines the potential opportunities and challenges to reforming the UK's tax system to be fit for a digital future.
