HMRC clarifies requirement to file CGT property returns
05 August 2022
As recently reported by the ICAEW, HMRC has clarified that, with one exception, a CGT property return must be filed, even if the disposal has already been reported on a self-assessment (SA) return.
This will generally require a paper return to be submitted, as it is currently impossible to file an electronic CGT return after the SA return has been filed.
The exception to this rule is where the SA return is filed within 60 days of completion (30 days, for completions on or before 27 October 2021). In such cases, a separate CGT property return is not required.
Where a paper return is required, HMRC will issue this to agents who have submitted 64-8 authorisations on request when they phone the agent dedicated line.
Advisers should assist clients to file any necessary outstanding paper returns as soon as possible, in order to avoid or reduce any penalty and interest charges. The professional bodies have asked that late filing penalties should take into account the six-month delay in HMRC making the decision on how the returns should be filed.
For further information or assistance, please contact Chris Holmes or Malcolm Pengelly.
Would you like to receive more alerts like these?
This article has previously been sent to subscribers to our regular email updates specifically for tax advisers. The updates cover important topical issues affecting tax, including the latest news, common issues that are raised on our telephone helpline (Taxline), and news of our seminars and webinars.
Sign up to this free service to ensure that you receive each ezine as soon as it is published.