The Chancellor announced several adjustments to the Capital Gains Tax reporting regulations in his Budget on October 27th, removing the requirement that CGT reports and payments be completed within 30 days of completion.
Changes to CGT for UK residents
Since April 5, 2020, a UK resident who owes Capital Gains Tax (CGT) on the sale of a UK residential property must report and pay the CGT within 30 days of completion. The 30-day timeframe extended to 60 days on October 27, 2021, for completion dates on or after October 27, 2021. The 30-day limit remains in effect for disposals done before October 27, 2021.
Changes to CGT for non-UK residents
Individuals who are not UK citizens have a distinct tax situation. Non-UK residents must record all disposals of UK land (not just residential property), whether or not they make a cash gain. This criterion also applies to the sale of shares in real estate-rich corporations. The expansion will also help non-UK residents. Non-UK residents will have 60 days from the completion date to notify disposals and pay any tax owed. If the completion date occurred before October 27, 2021, they must continue to report and pay any CGT within 30 days of the completion date.