The 60-Day Capital Gains Tax Deadline: “I’ve Sold a Property… What Do I Do Now?"

"I’ve just sold a property and only afterwards heard something about a 60-day Capital Gains Tax deadline. No one mentioned this during the sale, and I’ve never dealt with Capital Gains Tax before.

I assumed any tax would be handled through my usual tax return, so I’m confused about why there’s a separate deadline — and whether this applies to me at all.

The property wasn’t my main home the entire time. Part of it was rented, and part of it I lived in years ago. I’m now worried I’ve already done something wrong without realising.

What exactly is this 60-day rule, how strict is it, and what happens if I miss it? Is there still anything I can do at this stage to make sure I don’t overpay or get into trouble with HMRC?"

Alex, London

Question From a Client

This is one of the most common situations we see, and it’s completely understandable. The 60-day Capital Gains Tax rule catches people out because it’s relatively new and not always explained during a property sale.

If you sell a UK residential property that isn’t fully covered by Private Residence Relief, you are usually required to report the disposal and pay any Capital Gains Tax owed within 60 days of completion. This is separate from your Self Assessment tax return.

The rule often applies where a property:

1. Was a second home or rental

2. Was lived in for only part of the ownership period

3. Was inherited and then sold

If the property was your main home for the entire time, you may be exempt — but this needs to be confirmed properly. Making assumptions here is risky. If the 60-day deadline is missed, HMRC can charge late filing penalties and interest, and for property sales they already receive disposal data automatically. These sales are not invisible.

That said, missing the deadline does not mean the situation can’t be fixed. Acting quickly is key. In many cases, we can still:

1. Calculate the gain accurately

2. Identify allowable costs and reliefs

3. Submit or correct the return

4. Minimise penalties where possible

The biggest mistake people make is rushing to submit a return without getting the figures right, simply to meet the deadline. That often leads to overpaying tax or having to amend the return later.

Advice from an Expert

At capitalgainstax.co.uk, we specialise in Capital Gains Tax. We guide clients through the process calmly and clearly, ensuring the return is correct and that all available reliefs are claimed.

If you’ve sold a property — or are about to — the safest next step is to get advice before the 60-day window closes or as soon as possible afterwards.

📧 info@capitalgainstax.co.uk

📞 0800 0016 878

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