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 Tax Department on 021-4641400.