10:25 AM, 28th October 2021, About 3 months ago 5
As of Budget day, the government has immediately extended the deadline to report a Capital Gain on the sale of residential property from 30 days to 60 days.
They have obviously realised this was a needlessly tight timescale and may have responded to complaints made by members of the Association of Accounting Technicians who have been very vocal on the subject
Adam Harper, Director of Professional Standards and Policy, AAT, said: “Since the change to 30 days came into effect last year, AAT has repeatedly highlighted its members’ concerns, particularly AAT Licensed Accountants, with the unreasonable nature of a 30-day timeframe for reporting qualifying CGT liabilities.
“AAT was convinced that the most effective solution to this problem would be to double the reporting period from 30 to 60 days. That’s what we spoke to various stakeholders about and made representations to Treasury ministers and provided a Budget submission on, so naturally, we are very pleased that they’ve listened and acted accordingly.”
If you sold property in the UK on or after 6 April 2020
You must report and pay any tax due on UK residential property using a Capital Gains Tax on UK property account. You must do this within:
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleUC taper cut does not undo the damage
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|