In the 2021 Autumn Budget, Chancellor Rishi Sunak announced that the deadline for people to report and pay the CGT owing from the sale of a property was being immediately increased to 60 days, up from 30 days.

To do this, you must submit a residential property return and pay the capital gains tax.

You generally won’t need to pay CGT if you’re selling your main home unless you use part of it as business premises or lease part of it out; it will be due if you’re selling a second home, or buy-to-let property. Basic-rate taxpayers pay 18% on gains they make when selling property, while higher and additional-rate taxpayers pay 28%.

All taxpayers have an annual CGT allowance, meaning they can earn a certain amount tax-free. In 2022-23 you can make tax-free capital gains of up to £12,300 – the same as in 2021-22. Couples who jointly own assets can combine this allowance, potentially allowing a gain of £24,600 without paying any tax.