INCOME TAX - 31 October 2011 (or 15 November extension)
CGT -15 December 2011
Capital Acquisitions Tax (CAT)
Taxpayers may have an obligation to pay and file a Capital Acquisitions Tax (CAT) return if they have received a gift and/or inheritance with a valuation date in the 12 month period ending on the previous 31 August (i.e. 01 Sept 10 to 31 Aug 11).
The return is due to be filed and paid by 30 September 2011 in order to avoid Surcharge, Interest and/or Penalties.
Solicitors should be particularly vigilant for estates of recently deceased so that they do not fall into the ‘Date of Death Trap’. Where in certain cases, the valuation date is the date of death, beneficiaries and solicitors may not be aware that there is CAT due some time after the death. A typical example would be assets held jointly, as these pass by survivorship or property passing to a beneficiary already in occupation.
If you have concerns or queries of whether you have a requirement to complete a return, please do not hesitate to contact the Quintas Tax Department on 021-4641400 before 30 September.
Income Tax 2010 – Reminder
Income Tax returns for 2010 (Jan 10 to Dec 10) is due to be submitted to the Tax Office before the 31st October 2011.
As the deadline is fast approaching and there is still a large volume of taxpayers yet to complete their returns, please forward your information to our office as soon as possible so that we can guarantee timely completion of your return by 31st October 2011 and also to avoid any surprises in relation to your tax liabilities.
Capital Gains Tax 2011
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 2011 to 30 November 2011 15 December 2011
1 December 2011 to 31 December 2011 31 January 2012
Therefore, if you have disposed of an asset, please ensure that you contact our office before the relevant payment dates 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.
In the current economic climate, where you have a CGT liability, consideration should be given to the crystallisation of CGT losses prior to 31 December 2011.
Should you wish to discuss further, please do not hesitate to contact the Quintas Tax Department on 021-4641400.