CGT return for PAYE taxpayer who uses Revenue MyAccount - must register for CGT?

[Protocol]

Sold shares in three companies in 2021. Made gains on one, made losses on two, overall capital loss.

PAYE taxpayer, typically makes online Form 12 tax return each year on Revenue MyAccount to claim tax relief on medical expenses.

I am trying to establish exactly how the CGT return is made, even though there isn't any CGT to pay.

I am reading this:

When and how do you pay and file CGT?

This page contains the steps to pay and file CGT

www.revenue.ie

The return is due by 31-Oct 2022, okay.

The form is CG1, okay.

My query - must I register for CGT? Or can I simply post the completed CG1 form to my Revenue Office?

How to pay CGT​

If you are:

• registered for CGT, you must pay your CGT online using Revenue Online Service (ROS) or myAccount
• not registered for CGT, you must register for CGT and then make a payment using ROS or myAccount
• exempt from mandatory efiling you can either:
  • email the Payment Accounting section of the Collector-General’s Division
  • send payment with the appropriate payslip (CGT Payslip A for the initial period or CGT Payslip B for the later period).

Registering for CGT

If you have a tax registration number, send a request to be registered for CGT through MyEnquiries to your regional registration office.

If you have never been registered for tax you will need to complete a:

- Form TR1 if you are an individual

- Form TR2 for a company

- Form TR1 (FT) if you are a non-resident individual

- Form TR2 (FT) for a non-resident company.

When to file your CGT return​

You must file by 31 October in the year after the date of disposal. You must do this even if no tax is due because of reliefs or allowable losses.

How to file your CGT return​

There are several different CGT returns:

• Form CG1 – if you do not usually submit annual tax returns or use the online Form 12
• Income Tax Return (Form 12 (paper version) – if you are a Pay As You Earn (PAYE) taxpayer who must submit a tax return
• Income Tax Return (Form 11) – if you are self-employed (or have income that is not taxed under PAYE)
• Form 1 – if you are a trust or an estate
• Form CT1 – for a company.

Use ROS to file your Income Tax Return (Form 11), Form 1 or Form CT1. You can post the Form CG1 or Income Tax Return (Form 12) to your Revenue Office.

 

[ClubMan]

A friend and ex-colleague of mine filled the form in and attached it to a myAccount message and they dealt with it that way. He found it confusing too and I suggested that approach as I've done similar before albeit not for CGT. Maybe try that?

 

[Protocol]

Thanks.

Do you mean he filled in the CG1 form by hand, and then scanned it to make a PDF file?

 

[T McGibney]

Thanks.

Do you mean he filled in the CG1 form by hand, and then scanned it to make a PDF file?

You can definitely do that. Or print and post it. No harm in doing both.

 

[Protocol]

Complete form scanned to PDF, and attached to enquiry submitted through MyAccount today.

Form will be posted in the next hour.

I couldn't find a specific address/office for CGT, so I am posting to my PAYE office.


I am praying that I won't be subject to further checks.
The total sales were 15.5k approx, mainly one share.
The other two shares were Anglo Irish Bank = total loss, and PTSB = massive 99%+ loss.
The two losses more or less match the gains, leaving under 300 net gains, and zero CGT liability.

 

[T McGibney]

I am praying that I won't be subject to further checks.
The total sales were 15.5k approx, mainly one share.
The other two shares were Anglo Irish Bank = total loss, and PTSB = massive 99%+ loss.
The two losses more or less match the gains, leaving under 300 net gains, and zero CGT liability.

Sounds fine from here anyway.