Q. I am in the process of selling a residential buy-to-let property. My conveyancer has told me that I need to complete a "30-day CGT return". However, I'm sure I read that I can just wait and include the sale on my tax return instead. Is this correct?
A: You need to do both for a residential buy-to-let property. A UK property return is required, though following the Budget last month the deadline has been extended from 30 to 60 days after completion.*
You need to make a best estimate of any tax due on the disposal, accounting for any losses that have arisen in advance of the completion date, as well as any private residence relief and available annual exemption. You will then report the gain on your self-assessment return, claiming a deduction for the advance payment.
* For more information on this topic, please see our blog, ‘CGT deadline extended for those selling UK residential property.’
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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