Last week’s Budget was generally lacking in announcements of interest to private clients and their advisers. However, there was one small change that may have gone unnoticed among the headline-grabbing alcohol duty and public spending news.
With effect from Budget Day (27th October 2021), where, following the sale of UK property, a report has to be made for capital gains tax (CGT) purposes, the relevant deadline is now 60 days after completion. This is an extension of the previous 30-day rule and applies both to the report and the payment of any tax due. It applies to sales which complete on or after Budget Day whereas the previous, 30-day deadline continues to apply to earlier completions (6 April 2020 – 26th October 2021).
The CGT rates and allowances have not been changed, despite fears that they might be targeted by the Chancellor.
For more information on the budget and the changes to CGT, please speak to: