Capital Gains Tax Reporting Extension

Introduction

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• In the Autumn budget, the chancellor increased the deadline for reporting capital gains tax on residential property disposals.
• This was extended from 30 days to 60 days on disposals from 27 October 2021, onwards.
• The reason for this was to allow time for taxpayers to arrange valuations and to calculate the tax reportable to HMRC.
• If property was sold between 6 April 2020 to 26 October 2021, you would have been required to report and pay the CGT within 30 days

CGT Allowances

For the tax year 2022/23, the capital gains tax allowance has been frozen as shown in the table below:

Useful Link(s)

• Government Paper

Frequently Asked Questions