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, between 1 December and 31 December 2011 please ensure that you contact our office before 31 January 2012 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.
Should you wish to discuss this further, please do not hesitate to contact the Tax Department on 021-4641400.