CGT on gains from liquidation?

Z

Zanatoo

Registered User
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Hi, I was a shareholder in a company that we wound up last year (members voluntary liquidation).

When all accounts were settled I recieved a paymant of just over €16k last Sept.

I've always done my own FORM11 each year. I believe I have to pay CAT CGT on this but I'm not sure where exactly on FORM11 this goes?

Any help appreciated !
 
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If you're not sure that you have a CAT liability then you really should get professional advice.
But this explains how and when to pay and file for CAT:

How and when do you pay and file?

This page tells the reader when and how to play their CAT
www.revenue.ie www.revenue.ie
 
CGT applies on capital gains.

If you made a capital gain, then you may have to pay it.

The 16k from disposing of the shares would surely have to be compared to what you paid for the shares?
 
ClubMan said:
If you're not sure that you have a CAT liability then you really should get professional advice.
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Sorry, meant CGT.

Protocol said:
CGT applies on capital gains.

If you made a capital gain, then you may have to pay it.

The 16k from disposing of the shares would surely have to be compared to what you paid for the shares?
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I didn't pay anything for them. I never put any money into the company and never took any out. The company was starting to do well but with business targeted solely at the UK, once Brexit came along that was the end of that.

Gordon Gekko said:
It’d be CGT if anything.

Most likely 33% of (€16,000 - €1,270) payable last December.
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Didn't realise this until reading up on it last night. I presumed it would just go on this years FORM11.

From what I've read now, I have register for CGT, pay it, and list it on my FORM11 return. I think.
 
Zanatoo said:
Didn't realise this until reading up on it last night. I presumed it would just go on this years FORM11.
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yeah it's a bit unintuitive. It *does* go on the form you submit this year but also was supposed to be paid last year, because the form you're filling out this year is last year's return.
 
Jim Stafford said:
You should consider if you can avail of Early Retirement Relief or Entrepreneur Relief. Further details on our website:

Members Voluntary Liquidation

Members Voluntary Liquidation Experts. Call us confidentially on 01 661 4066 for a free fee quotation. Nationwide Liquidation Service.
www.frielstafford.ie www.frielstafford.ie

Jim Stafford
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Gordon Gekko said:
Possibly a great shout.
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Indeed, thank you very much Jim.

I don't qualify for Early Retirement Relief but I think I do for Entrepreneur Relief.

Another example of why it's always good to speak to an expert!
 
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