If you are exchanging contracts to dispose of residential property in the next couple of months and within Self Assessment you may save yourself the burden of filing a UK Property Capital Gains Tax (CGT) return by filing a Self Assessment return promptly instead; this gives you the extra advantage that any CGT payable will then not be due until 31 January 2024.
A reminder that if you sold a property in the UK on or after 6 April 2020, you must report and pay any Capital Gains Tax due on UK residential property within:
- 60 days of selling the property if the completion date was on or after 27 October 2021
- 30 days of selling the property if the completion date was between 6 April 2020 and 26 October 2021
Full details are as below;
https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020
If you need any help with Capital Gains Tax matters please let us know.
