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A recommendation that taxpayers be given longer to settle their Capital Gains Tax liabilities has been welcomed by the National Residential Landlords Association.
The recommendation came in a report from the Office of Tax Simplification. It pointed out that around 150,000 individuals make a disposal of UK residential property each year, 85,000 of whom have a taxable gain and need to file a UK Property tax return within 30 days.
Even with adequate awareness and preparation 30 days is a challenging deadline, said OTS.
It asked the Government ‘to consider extending the reporting and payment deadline for the UK Property tax return to 60 days, or to mandate estate agents or conveyancers to distribute HMRC-provided information to clients about these requirements.
‘Landlords should always ensure they meet all legally required deadlines to pay tax. That said, today’s report from the Office for Tax Simplification demonstrates a woeful lack of communication and consideration by HMRC about what is expected of those liable for the tax’, said NRLA policy director Chris Norris.
‘ It adds weight to the argument that the seemingly arbitrary, 30-day deadline has created more problems than it solves. We would support the OTS in recommending an extension to 60 days to avoid landlords missing a shorter deadline, potentially through no fault of their own’.