The Chancellor made the following new announcements in respect of Capital Gains Tax (CGT) in his Autumn Budget 2021.
Compliance
From 27 October 2021:
- The 30-day reporting and payment deadline for disposals of UK residential property is extended to 60 days.
- This will also apply to disposals by Non-UK residents.
- This extension will affect disposals that complete on or after 27 October 2021.
- The change will be included in Finance Bill 2022.
Capital Gains Tax rates and allowances
- There were no other changes announced by the chancellor affecting CGT rates, allowances and exemptions.
- These all remain unchanged from 2021-22: the annual exemption remains at £12,300 per individual and £6,150 for trustees.
Useful guides on this topic
Autumn Budget 2021: At a glance
A summary of key budget announcements together with items published without announcement.
CGT: Reporting, how to report CGT?
How and when does Capital Gains Tax apply to non-residents owning UK property?
CGT: Payment of tax
When is Capital Gains Tax (CGT) due? Can I pay in instalments? What are the penalties if I pay late?
VtaxP Tax Tools
Save time in working through the rules for Business Asset Disposal Relief .