CAPITAL GAINS TAX (CGT) Payment Date Fast Approaching
Dear Reader,
Under current tax legislation, a taxable person is obliged to pay Capital Gains Tax on a disposal of an asset if a gain arises by the following deadlines:
Disposal PeriodTax due date
1 January 2012 to 30 November 2012 15 December 2012
1 December 2012 to 31 December 2012 31 January 2013
Therefore, if you have disposed of an asset, between 1 December and 31 December 2012 please ensure that you contact our office before 31 January 2013 so that we can advise you on any liability that may arise.
Failure to pay the correct amount by the relevant deadline could result in interest and penalties being applied by the Revenue Commissioners. If you made a disposal pre December 2012 and you have yet to pay the CGT on this disposal then the payment is overdue and you may be liable to interest and penalties on the non payment - the sooner this payment is made the less interest you will be charged.
Should you wish to discuss this further, please do not hesitate to contact the Tax Department on 021-4641400.