Following the changes to the Capital Gains Tax (CGT) property payment window in today’s Autumn Budget and spending review 2021, Sarah Hollowell, Tax & Trustee Services Director at Killik & Co highlights why the current system has been very difficult for anybody who has sold a residential property that isn’t their main home and why the extension will be most welcome and will give people the time they need to collect all information to enable them to calculate the capital gain/loss.
Sarah Hollowell, Tax & Trustee Services Director at Killik & Co, said: “The current 30 day window has made things very difficult for anybody who has sold a residential property that isn’t their main home. There are various challenges with the reporting that are increased due to the time constraints.
“The extension of the filing date from 30 days after the completion of the property disposal to 60 days will be most welcome and will give people the time they need to collect all information to enable them to calculate the capital gain/loss. It also gives a bit of breathing room to allow the initial creation of the CGT on Property Account. This extra time might help some individuals to prepare the returns themselves rather than panicking and appointing a professional.”
