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60 day CGT reporting

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As we get closer to 5 April can 60 day CGT reporting be ignored and we file provisional SA returns instead?  I made use of it last year when it was 30 day reporting after Richard Thomas confirmed it was OK or has the loophole been closed.

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By Justin Bryant
19th Nov 2021 17:01

I thought it was the Basil loophole and yes this still works if you sell (complete) between 4.2.22 - 5.4.22 inclusive and file PDQ on or after 6.4.22.

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By Catherine Newman
19th Nov 2021 16:50

Thank you very much Justin. Worth bearing in mind.

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By richard thomas
19th Nov 2021 16:51

If you mean the very tight window in para 5 Sch 2 FA 2019, nothing is mentioned about it in the Finance Bill as introduced, but that doesn't mean the para can't be amended between now and third reading, but would very likely only have effect from the date such an amendment was announced.

The 60-day change is only provisional too. It has statutory effect from 27/10/21 by virtue of Budget Resolution No 19 which was passed by the House of Commons after the Budget debate. But it will cease to have that effect unless a bill containing the material in the BR is enacted by 27 May 2022 or if Parliament is prorogued (presumably only lawfully prorogued, unlike the previous attempt). See section 1 Provisional Collection of Taxes Act 1968.

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By Catherine Newman
19th Nov 2021 18:29

I did Richard. Thank you very much for clarifying it.

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Replying to richard thomas:
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By Catherine Newman
19th Nov 2021 18:41

I did Richard. Thank you very much for clarifying it.

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