Capital Gains Tax - Return Form CGT Payslip B by 31-Jan-2007

[eggerb]

Just looking for confirmation please:

If I made a capital gain in the period 1 October 2006 to 31 December 2006, I must return Form CGT Payslip B with the CGT due by 31st January 2007?

Any income I received in the form of dividends etc is not due until 31st October 31st 2007?

Mnay thanks.

 

[jpd]

Correct - except that you should have made a Preliminary Tax payment by 31st Oct 2006 and the balance, if any, is due by 31st Oct 2007.

The preliminary tax payment is the lower of :-
1) 90% of final liability for 2006 - obviously an estimate at 31/10/06
2) 100% of 2005 tax liability
3) 105% of 2004 tax liability but must be paid by direct debit

 

[eggerb]

Thansk jpd. Previous to 2006, all my income was PAYE and deducted by my employer. 2006 was the first year I had additional income in the form of dividends. So, I was assuming I would be OK just doing my first tax return in October and making the interim 31 Jan payment now in January.

 

[eggerb]

Just called the local tax office. They told me that I just need to return the CGT owed with Payslip B by Jan 31st and make the full return in October.

With regard to the income component (viz. dividends), he mentioned something about no needing to register for income tax unless they are over €3179 (which they are not). I can just put them down on Form 12 (I think) in October and pay the additional income tax. I'm still not sure now though whether I need to make an interim payment on this small (probably less than 100 euro) income tax component. Anybody any idea if an interim payment is required?

 

[jpd]

No, I think you'll be OK. In any case if you didn't have any div income in 2005, your preliminary payment would be zero.