CHARTERED ACCOUNTANTS & BUSINESS ADVISERS Email: business@venthams.com Home > News > Additional property sales deadline extends Additional property sales deadline extends 24 Nov 21 Buy-to-let landlords and second homeowners have twice the amount of time to report and pay capital gains tax after selling a residential property in the UK. The deadline to report and pay capital gains tax after completing the sale of additional UK residential property is now 60 days - up from 30 days. The change came into immediate effect after the announcement in the recent Autumn Budget, and applies to completions made on or after 27 October 2021. This extension also applies to non-UK residents disposing of any type of property in the UK, whether directly or indirectly owned. When mixed-use property is disposed of, the 60-day payment window will apply only to the residential element of the property gain. The extension implements a specific recommendation contained in a report published by the Office for Tax Simplification (OTS) in May 2021. That report claimed many taxpayers only found out about their capital gains tax obligations after they had completed the sale of their property. This left around 150,000 people with insufficient time to consider if they had a gain, and even less time for the 85,000 people who had to report it. Between 6 April 2020 and 6 January 2021, one in three UK property tax returns were filed later than the 30-day window according to HMRC. Michael Steed, co-chair of the Association of Taxation Technicians' technical steering group, said: "The very short time limit for reporting disposals of residential property has proved really challenging for those affected. "A large part of the problem is that many taxpayers are simply not aware of the new requirements and with such a short deadline, it was very easy to miss. "The OTS also called for more work to be done to make people aware of these reporting rules and we would still like to see the Government do more to alert landlords, second home-owners, and others to these obligations." Talk to us about your reporting obligations. HOME ABOUT US OUR SERVICES NEWS BUSINESS FORUM CONTACT US News Business tax Government Announcements PAYE and NI Pensions savings investments Personal tax Regulations VAT Related Guides Pension premiums ISAs Vehicle mileage rates for the self-employed An introduction to self-assessment Introduction to the tax system Related Services Retirement strategies Corporate tax planning Self assessment Corporate finance Medical and healthcare Related News 'GDP back to pre-pandemic level by the end of 2021' AAT calls for extension to capital gains reporting deadline 37% of businesses report higher prices Shipping firms that fly red ensign flag to get tax breaks Sunak extends recovery loan scheme Latest News 26 Nov New rates for use of company cars from December 2021. Read full story 25 Nov Tax authority warns of payment delays looming. Read full story 24 Nov Capital gains tax reporting deadline is now 60 days. Read full story See all News Contact us Essex: 01702 209600 London: 020 7440 9300 Surrey : 01737 773796 Email: business@venthams.com Register today Get free access to our online guides and weekly business newswire. Register Today: register Site map Accessibility statement T&Cs Copyright Search Privacy statement Register Login Venthams ©. All rights reserved.