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.

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