Residential Capital Gains Tax – Payment Period Extended

UK government recently doubled the payment period for Capital Gains Tax (CGT) on residential properties from 30 to 60 days. This measure was included in HM Treasury’s Budget publication shortly after the Autumn Budget.

How this rule works

The change came into action end of October 2021 and sees the deadline for residents to report and pay CGT after selling UK residential property increase from 30 days after the completion date to 60 days after completion date.

Non-UK residents disposing of property in the UK, will see a deadline increase from 30 days to 60 days. When mixed-use property is disposed of by UK residents, legislation will also clarify that the 60-day payment window will only apply to the residential element of the property gain.

Ensuring sufficient time to report and pay

The Treasury says that these changes will ensure that taxpayers have sufficient time to report and pay CGT, as recommended by the Office of Tax Simplification (OTS). The Association of Accounting Technicians (AAT) has campaigned for this change for the past 18 months.

Phil Hall, Head of Public Affairs and Public Policy at the AAT, said: ‘It’s a common-sense measure that helps taxpayers and their accountants whilst maintaining increased revenue for the Exchequer. Very pleased that HM Treasury and HMRC took on board the views of our members and changed their position accordingly.’

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