CGT on property – 30-day reporting issues

10 Jun 2021

The CIOT and ATT continue their active engagement with HMRC in seeking to resolve some of the ongoing issues with this service and suggesting ways in which the current guidance can be improved. Recent points raised have included the following:

  • How HMRC’s systems deal with the interaction of the CGT 30-day return and the self-assessment return where there has been an overpayment of CGT that is available for set-off against an income tax liability in accordance with TMA 1970 section 59B.
  • How a taxpayer obtains a repayment of overpaid CGT in circumstances where no self -assessment return is otherwise required, and the repayment arises as a result of a subsequent allowable CGT loss that is not a property disposal loss.

We hope to receive answers to these and other ongoing issues from HMRC in the short term. Problems with the service and deficiencies in the guidance particularly for non-UK residents and those taxpayers who file paper returns were recently escalated to HMRC’s Issues Overview Group providing an opportunity for CIOT, ATT and the other rep bodies to bring all the current issues to the table and to begin to explore what lessons might be learnt from implementing this micro-system that is not integrated into HMRC’s wider systems.  The meeting was attended by HMRC leads from CGT policy, compliance, and process teams.

The CIOT has the following useful links on the website:

Report and pay Capital Gains Tax on UK property‚ non-residents who cannot set up a Government Gateway account

Which payment reference to use

ATT’s guide to filing a CGT 30-day return is here.