CG-APP18-270 - Part 2 - Submitting returns through the CGT on UK Property Account: Further aspects covered by legislation

2.7 Further aspects covered by legislation

2.7.1 Record keeping requirements

Individuals completing a CGT on UK Property Return should keep their records relating to the disposal for at least the length of time during which HMRC may enquire into them.

For those not required to submit a Self Assessment return, the time allowed for HMRC to give a notice of enquiry into a return under Schedule 2 Finance Act 2019 is determined on the assumption that the person was required to deliver an ordinary tax return for that year and that it was delivered at the later of:

  • the last day for delivery of an ordinary tax return;
  • and the day on which the return under this Schedule was delivered.

Example: Mrs O submits a return through the CGT on UK Property Account on 20 September 2021, for a disposal of residential property which completed on 10 September 2021. This disposal falls into the tax year ending on 5 April 2022. The last day on which a Self Assessment return for that tax year would be due is 31 January 2023, and the enquiry window for a return delivered on that date would be open until 31 January 2024. Mrs O should retain records of this transaction until at least 31 January 2024.

People completing a return through the CGT on UK Property Account who also complete a Self Assessment return should retain their records in line with the time limits for their Self Assessment return.

2.7.2 Aspects not covered in this guidance

There are several aspects of the legislation in Schedule 2 of Finance Act 2019 which are not covered in this guidance which is intended predominantly to explain how UK resident individuals use the CGT on UK Property Account to correctly report and pay their CGT.

The rules for enquiries etc follow the same broad approach that apply to Self Assessment returns.

The specific rules can be found for:

Enquiries Paragraph 20 Schedule 2 of Finance Act 2019

Amendments during enquiries Paragraph 21 Schedule 2 of Finance Act 2019

Determinations Paragraph 22 Schedule 2 of Finance Act 2019

Discovery Assessments Paragraph 23 Schedule 2 of Finance Act 2019