Good Afternoon,
I finally sold my BTL property yesterday (it took 12 months....) - I am fully aware I have 60 days to report my CGT without incurring any penalties and that i need to report it for myself and my wife as owned jointly.
According to HMRC website if I miss the 60 day deadline by up to 6 months I would get a penalty of £100.
So accepting it would cost me 2 x £100 fines (joint ownership) does this technically mean I would have 60 days plus 6 months to submit?
I only ask as there are possible short term investments available that would / may (can go up as well as down) return in excess of the £200 penalty over a period of 6 months and on the face of it would seem beneficial to effectively pay the 200 to delay my CGT payment.
Penalties
You have 60 days from the date of conveyance to report your disposal and pay any tax due. You’ll get a late filing penalty and be charged interest if you do not do this by the 60-day deadline.
If you miss the deadline by:
up to 6 months, you will get a penalty of £100
more than 6 months, a further penalty of £300 or 5% of any tax due, whichever is greater
more than 12 months, a further penalty of £300 or 5% of any tax due, whichever is greater
Any and all views welcome - thanks in advance! (and apols if previously asked)
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