Where you make a gain on a residential property in the UK on which there will be a tax liability it must be reported to HMRC within 60 days and the estimated tax should be paid to HMRC within this timeframe.
There is, however, a limited opportunity to delay the payment until 2024 if you dispose of a residential property before 5th April 2023.
You can use the Capital Gains Tax on UK property account to report disposals of UK residential property (provided you are a UK resident and have tax liability on any gains). The rules are slightly different for non UK residents and, while the general 60-day rule applies, the disposal should be reported on the self-assessment tax return, where any over or under payments should be reconciled.
Please note: although the tax year in which the disposal takes place is dependant on the date of exchange, the 60 day window starts at the date of COMPLETION. For example, should you exchange contracts on 25th March but the completion of exchange is the 13th April, the 60 day window to file the tax return will begin on the 13th April.
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