The Chancellor made the following new announcements in respect of Capital Gains Tax (CGT) in his Autumn Budget 2021.

Compliance

From 27 October 2021:

  • The 30-day reporting and payment deadline for disposals of UK residential property is extended to 60 days.
  • This will also apply to disposals by Non-UK residents.
  • This extension will affect disposals that complete on or after 27 October 2021.
  • The change will be included in Finance Bill 2022.

 Capital Gains Tax rates and allowances

  • There were no other changes announced by the chancellor affecting CGT rates, allowances and exemptions
  • These all remain unchanged from 2021-22: the annual exemption remains at £12,300 per individual and £6,150 for trustees.

Useful guides on this topic

Autumn Budget 2021: At a glance
A summary of key budget announcements together with items published without announcement.

CGT: Reporting, how to report CGT? 
How and when does Capital Gains Tax apply to non-residents owning UK property?

CGT: Payment of tax
When is Capital Gains Tax (CGT) due? Can I pay in instalments? What are the penalties if I pay late? 

VtaxP Tax Tools
Save time in working through the rules for Business Asset Disposal Relief .

 


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