Following the news of a report to extend the 30-day payment of Capital Gains Tax to 60 days, landlords are keen to voice their support. The Office of Tax Simplification (OTS) published the proposals on 20 May with considerations to key practical, technical and administrative Capital Gains Tax issues. It is the second report since July 2020 after a request from the Chancellor.
The report covers a wide range of areas—aspects such as moving home or getting divorced to running or investing in a business. OTS have also highlighted concerns relating to the low level of public awareness for the tax gains and how administrative systems could be doing more to support taxpayers. In total, there are 14 recommendations spanning multiple topics.
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