The government introduced the requirement for individuals to report disposals of UK residential property and pay any capital gains tax (CGT) due within 60 days of completion on 6 April 2020. HMRC has clarified a CGT property return must be filed even if the disposal has already been reported on a self-assessment tax return.
For UK resident individuals who disposed of property there have been many occasions where these transactions should have been reported on a CGT property (PPD) return but this was not identified until the 2020/21 self-assessment (SA) returns were being prepared
HMRC have concluded that, where the SA return has already been filed, the CGT PPD return must still be filed, but on a paper return since it isn’t possible to file a CGT PPD return online after a self-assessment tax return has been filed.
There is one exception to the requirement to file a CGT PPD return. This occurs where the self-assessment tax return is filed within 60 days from completion of the sale. This is the only situation where a separate CGT PPD return is not required. If a CGT PPD has not been filed, then you should take steps to do so ASAP.
