10% surcharge on CGT bill due to LPT not being paid on time!

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merid

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In August 2013 I sold shares and paid the CGT in October 2013 and submitted payslip.

Then in October 2014 I submitted the CGT CG1 form (before 31th deadline) - no outstanding tax was due.

But then just last week I got a note back to say I have been fined a couple of hundred hundred euro for late return. Looks like I was fined 10%.

I cannot see how I was late in making a return.

Am I missing something?
 
Looks as if you have done it correctly

RETURN OF CAPITAL GAINS FOR YEAR ENDED 31 DECEMBER 2013
This Tax Return should be completed and returned to your Revenue office on or before 31 October 2014

On that date you must also pay any balance of tax due for 2013. I...Where
this return is submitted after 31 October 2014 a surcharge (5% where the return is submitted within two months, otherwise 10%) will be added to your tax liability. Failure to submit your Local Property Tax return will result in a [Capital Gains]tax surcharge - please see note in the Form CG1 Helpsheet.
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Could you have been fined the 5% if you were a day or two late?

I understand that the penalty for late return is generated automatically.
 
I don't have letter to hand but I think it was around 10% of what I paid was the fine....It was definitely posted a couple of days before the deadline...
Thanks for that - I'll ring them - just wanted to check here that my due dates ware correct.
 
The penalty for late filing within 2 months is 5%.

It will say on the notice of assessment what the surcharge is for.
 
merid said:
I don't have letter to hand but I think it was around 10% of what I paid was the fine....It was definitely posted a couple of days before the deadline...
Thanks for that - I'll ring them - just wanted to check here that my due dates ware correct.
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Is your LPT/Household charge all paid up to date?
 
Clarkey said:
Is your LPT/Household charge all paid up to date?
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Hi Clarkey

I had not realised that the tax charges interact.

I had misread that bit on the CG1 form and had omitted it from the post above. I have put it in now.

From Form CG1 – Helpsheet – 2013 Tax Return

Local Property Tax Return
If you file this [Capital Gains Tax] return on time, but at the date of filing, you have failed to submit your Local Property Tax (LPT) return or
have failed to either pay the LPT due or enter into an agreed payment arrangement, a surcharge should be added to
the final liability. Therefore, the amount payable in your Self-Assessment should be increased by 10%.

Where the LPT is subsequently brought up to date, the amount of the surcharge will be capped at the amount of the
LPT liability involved.
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Assuming the OP has not paid his LPT on time, he will have to pay the CGT surcharge and the LPT.

Does it apply to people who pay their CGT via the Income Tax Return?
 
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