Capital Gains Tax Deadline

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The 2013 Tax Return Form 11 must also include details of any gains or losses arising on the disposal of assets which occurred in the period 1 January 2013 and 31 December 2013. A disposal means a transfer of ownership in an asset whether by means of sale, gift, exchange or otherwise and includes a part disposal of an asset. The gain or loss is taxable under the Capital Gains Tax (CGT) legislation. 

Capital Gains Tax is a self- assessment tax. Regardless of whether you are registered for tax purposes, you must calculate and pay your tax and file a return of gains and losses without being requested to do so by Revenue. If you are not filing a Form 11 Income Tax Return, the relevant form for CGT is a CG1. 

It is important to note there are different dates for filing the return and making a payment of the tax due. The 2013 return is due to be filed on or before the 31st October 2014, however the payment of the tax is as follows – 

• For disposals between 1 January 2014 and 30 November 2014, inclusive, the tax is due to be paid by 15 December 2014
• For disposals between 1 December 2014 and 31 December 2014, inclusive, the tax is due to be paid by 31 January 2015

 The above is the basics, click here to access Revenue’s guidance notes meeting your capital gains tax obligations. 

Contact Roisin McDaid for further details. Contact OSK today on  01 439 4200 to get your 2013 tax return submitted before the tax deadline!

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• Capital Gains Tax (CGT)

• Return Form 11