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CGT: Double the time to pay!

Shared from Tax Insider: CGT: Double the time to pay!
By Meg Saksida, January 2022

Meg Saksida explains the rules behind the headlines regarding the extension of the time limit to pay capital gains tax on UK residential property sales. 

From April 2020, it became obligatory for reportable gains on residential properties sold in the UK to be declared and any tax to be paid within 30 days of completion.  

However, the process for reporting and payment is not quick or easy. For some taxpayers, this involves registering with HMRC for the first time, requiring a government gateway code and an associated password to be received through the post. For those already registered with HMRC, a new ‘capital gains tax on UK property account’ (CGTUKPA) needs to be opened in order to pay the tax and make the return.  

Unfortunately, existing agents of the taxpayers are not able to access this new CGTUKPA on behalf of their clients, even

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