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In an unexpected but welcome move, the Autumn Budget announced the extension of the current deadline for the payment of CGT liabilities and submission of the accompanying CGT return from 30 days to 60 days for all property disposals that complete on or after 27 October 2021.

This change has been made in accordance with recommendations previously made to the Government by the Office of Tax Simplification to allow taxpayers more time to produce and provide accurate figures and to engage advisers where required.

The Budget announcement also clarified that for UK residents, where a gain arises in relation to a mixed-use property, that only the portion of the gain that is the residential property gain is to be reported and paid.

Where CGT liabilities arise to UK residents in respect of residential property a standalone online return needs to be filed, together with payment on account of CGT, within 60 days of the date of completion of the transaction. No return is needed where no CGT liability arises, e.g. gain covered by main residence relief, sold at a loss, or the gain falls within the annual CGT exemption (currently £12,300).

Individuals, trustees, and personal representatives are within the scope of these CGT return and payment rules. For those within self-assessment, the property disposal also needs to be reported on their self-assessment tax return. 

Where non-UK residents make direct or indirect disposals of any type of UK property, a CGT return needs to be completed and filed irrespective of whether any CGT liabilities arise.

Thomas Westcott operate a fixed fee service to assist in the completion and submission of the CGT return to HMRC.

For further advice on this matter, please do not hesitate to contact me or your local Thomas Westcott office.