Double the 30-day CGT reporting limit, says professional body

The Association of Accounting Technicians is calling for the new reporting requirements for capital gains tax on residential properties to be doubled from 30 to 60 days.

Changes which came into effect in April 2020 require anyone with a reportable gain on UK residential property to report and pay any tax due to HMRC using a capital gains tax on UK property account within 30 days of selling it. Accountants who undertake this work on their client’s behalf need specific authorisation from the client which must be gained using an agent services account and emailing authorisation links to clients for them to create a government gateway account.

Ann White director of Abacus Accountancy and Payroll Services said: ‘HMRC hasn’t given this enough thought. I can see that it wants to get money into the coffers earlier which isn’t necessarily a problem but a 30-day...