Reporting and Paying CGT within 60 days

60-Day Reporting for UK Residential Property Sales

Since 6 April 2020, anyone selling a UK residential property may need to report the sale to HM Revenue & Customs and pay any Capital Gains Tax (CGT) due within 60 days of completion.

Who this applies to:

• Owners of second homes
• Buy-to-let landlords
• Individuals selling land or property for development or investment purposes
• Anyone who makes a taxable gain on the sale

Key points to know:

• The 60-day period starts from the date of completion, not the exchange of contracts.

The report must include:

• Sale price of the property
• Purchase price or acquisition cost
• Allowable costs (e.g., legal fees, improvement costs)
• Any exemptions or reliefs claimed (e.g., private residence relief)

This is separate from your annual Self-Assessment tax return. Failure to report or pay within 60 days can result in penalties and interest.

Next steps:

• Keep accurate records of all purchase and sale costs.
• Calculate any taxable gain before the 60-day deadline.
• Submit your CGT report to HMRC and pay any tax due within the 60-day timeframe.

For more information on how this works and what to include in your report, please contact us.