Dear All,
Good news has been announced in the Spending Review/Budget 2021. The deadline for reporting and paying tax for the disposal of UK residential property has been extended from 30 days to 60 days. This is a welcome relaxation and comes in to effect from today.
Lucy Orrow CTA TEP
Lambert Chapman LLP
Thanks for this Lucy.
Does this relaxation also apply to non-UK resident individuals and trusts who must report regardless of gain or loss and whether any tax is due?
I have found that registering a non-UK trust with HMRC in order to do this takes more that 30 days on its own, despite their assurance that the UTR will be issued within 15 days - by the time it is posted overseas.
regards
Maxine
Good morning Maxine. Yes it does apply to all, which is a pleasing change.
I would expect that if there is a delay in registering the non-UK trust, which ultimately holds up reporting the gain, you should be able to apply for cancellation of the penalties but at least this extension should help with the reporting requirements.
Lucy
Thank you Lucy
regards
Maxine