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Property taxes

30-day reporting reform
Certain gains on UK-sited property are currently subject to accelerated CGT reporting and payment deadlines of 30 days. Following a recommendation by the Office of Tax Simplification, the deadline is being increased to 60 days with immediate effect, i.e. for completions on or after 27 October 2021.

The change affects UK-residents disposing of residential property, and non-UK residents making disposals of UK land, whether directly or indirectly.

Developer tax
A new tax on property development companies will apply from 1 April 2022. The charge will be 4% on profits derived from UK residential property development above an annual allowance of £25 million. This charging period will be aligned on the same basis as corporation tax, but the tax will be a separate charge.

The ATED charges will increase by 3.1%, i.e. by the September 2021 CPI figure with effect from April 2022.

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