CGT -individual allowance

[roxymusic]

Is one entitled to deduct the individual annual exemption from CGT if making a late settlement for CGT in 2004 and if so what was the amount in 2004? Or if I am also making a payment in 2006 & using the exemption for 2006, mean that I can't also deduct the exemption for the late 2004 payment.

What I think I mean is , are you entitled to deduct the exemption (of I think €1280) for each taxable (& in this case 2004) year from CGT owed even if a late settlement is made now.

Roxy

 

[ClubMan]

The amount was the same in 2004 as it is now €1,270. I believe that you can use the allowance (obviously if it was not otherwise used up) for a late settlement but you may be charged interest or penalties on the amount owed. You cannot backdate the annual CGT allowance - it is specific to the year in which the gain was made e.g. you cannot use your 2006 CGT allowance against a gain made in 2004.