UK residents are only required to complete the property CGT return if there is a chargeable gain which results in a payment of Capital Gains Tax. Accordingly, for UK residents, if there is

no CGT due because of: brought forward losses, covered by the annual exemption, losses made on the transaction, then no separate return is required.

This only applies when considering if the 60-day return is required. You still need to report the gain on your self-assessment income tax return.

The Chancellor announced on the 17th November 2022 that the annual exemption would be cut to £6,000 for 2023/24 and £3,000 for 2024/25.

If these plans go ahead, there will be more individuals who will be required to file property returns as they will have CGT to pay on their properties.

If you made a gain on property and did not file a 60-day return, check that the change in Annual Allowance has not made a return necessary.