CGT declaration

settlement

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Hi,

It says cgt must be declared by October 31 on the year following the sale.

Does this mean if I sell on or before October 2021, I don't have to pay cgt until October 22
 
The filing of CGT and paying of CGT are two distinct operations with different dates
 
Early payment came in during the financial crisis.

You pay CGT on gains made January-November in December, and you pay CGT on gains made during December in January.

It was a way to get money in early.

You then provide details of the gains in your tax return which can be submitted right up to mid-November of the subsequent year.
 
I see.

The only final Q I have is, how am I supposed to know how much to pay? I would have thought normally you file, the amount is confirmed, and then have to pay. But if I calculate how much is owed, and get it wrong, what then happens? Because with offsetting losses etc it can be complicated
 
I see.

The only final Q I have is, how am I supposed to know how much to pay? I would have thought normally you file, the amount is confirmed, and then have to pay. But if I calculate how much is owed, and get it wrong, what then happens? Because with offsetting losses etc it can be complicated
But the transaction has already happened, so you should be in a position to calculate how much is owed…
 
I see.

The only final Q I have is, how am I supposed to know how much to pay? I would have thought normally you file, the amount is confirmed, and then have to pay. But if I calculate how much is owed, and get it wrong, what then happens? Because with offsetting losses etc it can be complicated
You need to either do it yourself or get someone else to do it.

It's not difficult to calculate and pay the amount due, no amount of ifs and buts is going to change it.
 
So question
If I have made a CGT gain during the Jan-Nov period, but have carried forward losses do I need to notify Revenue by Dec 15 of this year, or is it just the filing for next year?
 
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