Filing a CGT Property Return

Written by yasiradnan94
15 August 2022

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.

Holiday Pay Changes

If you engage part time workers, or staff who work irregular hours, on permanent contracts you need to be aware of new rules.

MTD simplification

A dramatic simplification of the MTD processes to be introduced – no EOPS; cumulative submissions each quarter; and restrictions.

Cash basis to replace accruals

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and...

Related Posts

Holiday Pay Changes

Holiday Pay Changes

If you engage part time workers, or staff who work irregular hours, on permanent contracts you need to be aware of new rules.

We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For information, check out our Privacy Policy.