Following on from the property sales completed prior to the stamp duty change on 31 March, Taras Tymofijiw has completed a number of Capital Gains Tax (CGT) 60-day return submissions on behalf of Coles Miller clients to HMRC.
Capital Gains Reporting
Selling a residential property can be a complex process - not just in terms of marketing, viewings, and legal formalities, but also when it comes to tax. One of the most important obligations many sellers overlook is Capital Gains Tax (CGT) reporting. With recent changes in property taxation and regulatory updates, it has never been more important to make sure you are compliant with CGT reporting.
At Coles Miller, we help clients stay on the right side of the law - and the taxman. One area where we're seeing a surge in demand is around the 60-day CGT reporting requirement for residential property disposals.
What Is the 60-Day Capital Gains tax rule?
If you sell a UK residential property that is not your main home, and the sale results in a taxable gain, you must report the gain and pay the Capital Gains Tax within 60 days of the sale's completion. This rule applies whether you're a UK resident or a non-resident, though non-residents must report all UK property sales regardless of gain or loss.
Failure to file within this time limit can lead to penalties and interest charges, making it crucial to act quickly after completion.
Why was this rule introduced?
This rule, which came into force in April 2020 (and was updated in October 2021 to extend the window from 30 to 60 days), was introduced to accelerate CGT payments and improve compliance. It applies particularly to:
- Second homes
- Buy-to-let properties
- Inherited property sales
- Holiday lets
- Residential property owned through a trust
Common mistakes we help clients avoid
Here are some typical scenarios we’ve seen:
Overlooking the deadline: A client sold a buy-to-let property and assumed it would be dealt with at the end of the tax year. By the time they approached us, they were already in penalty territory. We helped calculate the gain, report to HMRC, and advise on next steps.
Unclear valuation at sale: Another client had inherited a property and wasn’t sure how to calculate the CGT. We arranged a valuation and ensured HMRC-compliant reporting.
Joint ownership confusion: A property was owned jointly by siblings. We helped apportion the gain fairly and submit two individual returns to HMRC.
Each case was resolved efficiently through our Capital Gains 60-Day Return Service, a streamlined solution we offer to help individuals and professionals stay compliant without unnecessary stress.
Our capital gains 60-day return service
Whether you're a long-standing Coles Miller client or someone seeking expert advice for the first time, our service is open to all. Here’s what we provide:
Expert guidance
We will walk you through the CGT rules, helping you understand your liability and obligations clearly.
Timely filing
We make sure your CGT return is filed within the 60-day window, meeting all HMRC requirements.
Tailored tax advice
We provide support on allowable deductions—such as stamp duty, solicitor fees, and enhancement costs—to minimise your CGT bill.
Hassle-free process
We handle the paperwork, so you don’t have to worry about it. You get peace of mind and protection from fines.
Who should use this service?
- Private landlords and investors disposing of residential assets
- Financial advisors managing client portfolios
- Estate agents supporting sellers with their obligations
- Homeowners with a second property or inherited estate
- Trustees: UK trusts fall within the reporting rules and therefore trustees may also need to report residential property disposals if there is CGT to pay.
Even if your property disposal occurred weeks ago, it may not be too late to act. We can review your circumstances and guide you on late reporting and potential penalty mitigation.
Get ahead of tax deadlines
With recent stamp duty changes and tightening HMRC scrutiny, capital gains tax is under the spotlight. Whether you’re selling a second home or an investment flat, understanding and acting on your CGT obligations is essential.
Let Coles Miller help you make sense of it all. Get in touch today for support on your Capital Gains 60-Day Return or any other aspect of property or tax law.
Not a Coles Miller client?
You don’t have to be an existing Coles Miller client to benefit from this service.
Property sellers may sometimes forget or overlook their CGT reporting obligations, putting them at risk of fines. If you have recently sold a residential property and have yet to manage their CGT submission, we can assist in ensuring compliance while streamlining the process.
