27 Oct 2021 3:24 PM

In today’s Budget the Chancellor made many headline announcements. 

Hidden in the detail was one that will make a difference to anyone (UK and non-UK resident) who is planning to sell, or dispose of UK land or a property that is not their main home. 

Previously you had to file a CGT return within 30 days of the sale, disposal or transfer of a UK property or land. To do this you had to gather documentation to support the CGT calculation and make the CGT payment. 

If you complete the sale, disposal or transfer of a property (that is not your main home) on or after 27 October you now have to make this submission within 60 days.

https://www.gov.uk/government/publications/capital-gains-tax-payments-on-property-disposal-time-limit-extension/capital-gains-tax-payments-on-property-disposal-time-limit-extension

This new measure also provides clarity on the rules for mixed use property (only applicable to UK residents)

If you have any questions please contact us for further advice.