Sold a property? Check the 60-day CGT deadline

The CGT disposal date determines which tax year applies. For an ordinary unconditional contract this is commonly the contract/exchange date, while conditional contracts need their own check. Completion starts the residential-property reporting clock.

In a hypothetical ordinary sale, an unconditional contract on 20 March 2027 and completion on 20 April 2027 can put the disposal in 2026/27, with the 60-day completion deadline on 19 June 2027. Do not choose the tax year solely from the money’s arrival in the bank.

A property that has always qualified as your only or main home may receive full Private Residence Relief. Letting, exclusive business use, periods away, more than one home and other conditions can change the answer.

If the property was ever your home, do not simply subtract its purchase price and apply 24% to everything. Use HMRC’s residence-relief guidance and property calculator, with an accurate ownership/residence timeline. Our simple disposal helper does not calculate that relief; enter a prepared gain only after the relevant rules have been applied.

Start with the correct acquisition basis and sale proceeds. Allowable buying/selling fees and qualifying improvement costs can matter; normal maintenance is not automatically a capital improvement. Inheritance, gifts, connected-party transactions and older ownership can require special valuations.

For a simple illustration, a jointly owned property has £300,000 proceeds, £200,000 purchase cost and £10,000 eligible costs, with no relief. The whole gain is £90,000. A 50% owner’s gain is £45,000 before that person’s own losses and allowance.

If their entire £42,000 gain after an available £3,000 allowance falls at 24%, tax is £10,080. This illustration does not establish the provisional payment for a different owner or sale.

The residential-property report may use estimates of the income and other information needed at that stage. Later events or final annual figures can require an update or Self Assessment reconciliation. Keep the property tax paid so it is credited rather than charged twice.

The ordinary annual CGT calculator adds all supported gains and losses. Its annual total is not automatically the amount to put on a single provisional property return, particularly where several disposals or losses are involved.

Non-residents have separate reporting requirements, including some cases with no tax due. Companies, trusts and estates also need their own rules and service.

Gather the acquisition documents and basis valuation, ownership details, exchange/contract and completion dates, solicitor’s completion statement, sale proceeds, eligible fees/improvements, residence/letting timeline, losses and estimated annual income. Retain the submitted report and payment reference.

Ask the conveyancer which dates and documents establish the transaction, but confirm who is handling the tax report. A property sale completing successfully does not prove that a CGT return was filed.

Use the official reporting guidance to decide whether a return/payment is due. The calculator’s 60-day date check can help organise the task; it does not extend the deadline or submit anything. Add the date to your calendar and start the information gathering promptly.

If a relief, valuation or residence question remains unresolved, identify that exact missing fact and use the relevant official route. Keep the uncertainty specific rather than assuming the whole sale is exempt or automatically taxable.