In Agent Update Issue 95, HMRC advised that a CGT UK property return should be filed before the relevant self-assessment tax return. Following reports of taxpayers and agents filing tax returns without having submitted the property account (given various difficulties with the CGT UK property return system), HMRC has clarified its position.
The ICAEW Tax Faculty reports that HMRC has decided that, where a tax return has already been filed, the UK property return must still be filed but using a paper return rather than via the online UK property account. One exception is where the SA return is filed within 60 days of the transaction completing, meaning that the SA return is filed before the due date for filing the UK property disposals return. In this situation, a separate UK property return is not required.
“In the situation when a taxpayer has already made an SA return and not completed a UK property return then they should complete a paper return. They should follow the normal process for doing this and contact HMRC.”
This means that where, for example, a 2020/21 return was filed but a required property return was omitted, the taxpayer should now rectify the position by filing a property return on paper’.
In Agent Update Issue 95, HMRC advised that a CGT UK property return should be filed before the relevant self-assessment tax return. Following reports of taxpayers and agents filing tax returns without having submitted the property account (given various difficulties with the CGT UK property return system), HMRC has clarified its position.
The ICAEW Tax Faculty reports that HMRC has decided that, where a tax return has already been filed, the UK property return must still be filed but using a paper return rather than via the online UK property account. One exception is where the SA return is filed within 60 days of the transaction completing, meaning that the SA return is filed before the due date for filing the UK property disposals return. In this situation, a separate UK property return is not required.
“In the situation when a taxpayer has already made an SA return and not completed a UK property return then they should complete a paper return. They should follow the normal process for doing this and contact HMRC.”
This means that where, for example, a 2020/21 return was filed but a required property return was omitted, the taxpayer should now rectify the position by filing a property return on paper’.
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