Property disposal update

In the latest edition of the Agent Update HMRC gives more information about the two changes to the capital gains tax payment for property disposals service rules announced in the autumn Budget.

Where the completion date for the disposal was on or after 27 October 2021 taxpayers now have 60 days instead of 30 days to report and pay any tax due on UK land and property sales. HMRC confirms that if the completion date was before 27 October 2021 taxpayers and their agents still have only 30 days from the completion date to report and pay tax on such a disposal.

HMRC’s IT system is currently being updated with the new time limit. Until the update is complete there is a message on the system to make taxpayers aware of this change when using the service.

HMRC adds that the rules have...