Since 6 April 2020, UK homeowners have joined non-UK resident owners of residential property in needing to report sales and pay any CGT due to HMRC within 30 days of completion.
To help UK resident taxpayers get used to the new rules and online filing process, HMRC has confirmed it will not charge late filing penalties for reports of CGT on disposals of UK residential property by UK residents made by 31 July 2020.
This covers transactions completed by UK residents between 6 April and 30 June 2020 and reported up to 31 July 2020. Transactions completed from 1 July 2020 onward will receive a late filing penalty if they are not reported within 30 calendar days.
Note that although more time has been allowed and late filing penalties will not be charged, interest will still run on the CGT due, so filing and paying as soon as possible is still recommended.
The extension appears to apply to UK residents only; the reporting requirement is not new for non-residents and so normal late filing penalties will apply to them.