Thankfully the widely anticipated increase to CGT rates did not materialise. There was also some good news in relation to the reporting of UK property disposals.
From April 2020, UK residents have had 30 days to file a return reporting gains arising on UK residential property where some CGT is payable (with the CGT also payable within 30 days). Non-UK residents have also been required to report all disposals of UK land and property (i.e. both commercial and residential) within 30 days, regardless of whether any CGT is payable (again with any CGT due for payment within 30 days).
In a measure which will be very much welcomed by taxpayers and tax agents, this 30 day deadline for filing a return and paying the CGT is extended to 60 days for disposals completing on or after 27 October 2021.
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