Autumn Budget 2021 CGT Payments on Property
Published / Last Updated on 29/10/2021
From 6th April 2020, new rules started that when you dispose of an investment property, any capital gains tax liability must be paid within 30 days of the transfer.
Clearly, there have been problems with people meeting this deadline whether be covid-19 delays or raising the funds if the property was gifted or indeed people being aware that they must settle any tax bill within 30 days. In the Autumn 2021 Budget, the Chancellor confirmed that the payment requirement would be extended to 60 days from midnight on 27th October 2021.
This is a sensible move to reduce the admin burden both on tax payers but also on HMRC in terms of administration and issuing unnecessary penalties.
