CGT declaration

[settlement]

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

 

[Zenith63]

No you would need to pay by December 2021 in your example.

When and how do you pay and file CGT?

This page contains the steps to pay and file CGT

www.revenue.ie

 

[jpd]

The filing of CGT and paying of CGT are two distinct operations with different dates

 

[settlement]

The filing of CGT and paying of CGT are two distinct operations with different dates

The revenue website mentions filing, paying, and returning. What is the returning part?

 

[nest egg]

The revenue website mentions filing, paying, and returning. What is the returning part?

You pay first, then file your return (they are equivalent terms in the context above)

 

[Gordon Gekko]

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.

 

[settlement]

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

 

[Gordon Gekko]

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…

 

[Paul O Mahoney]

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.

 

[settlement]

Thanks Paul and Gordon

 

[daheff]

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?

 

[Gordon Gekko]

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?

15 December is purely a deadline for payment, so if no liability, no payment.