Late Tax Return / Capital Loss.

J

jcount

Registered User
Messages
15
Hi,

If you make a capital loss in say 2009 but fail to make a tax return on this in 2010.

can you still do this now?

are there any penalties (i know there are for gains)?

Thanks.
 
Not entirely true. If you fall under self assessment (company director, landlord, shareholder receiving dividends) and you are more than 2 months late filing your return you will be charged a surcharge of 10% of your entire tax bill for that year regardless of how much tax you have already paid. For a married couple with a modest income this could be several thousand euro even if tax was overpaid. Cheaper to bin the return.
 

Yes entirely true; the OP is asking about a return / assessment for Capital Gains Tax - you are talking about the Income Tax Return / Assessment. Two separately raised assessments. Two separate surcharges (if any arise).
 
selfassessed said:
For a married couple with a modest income this could be several thousand euro even if tax was overpaid. Cheaper to bin the return.
Click to expand...

Cheaper still to file the return on time and claim back your overpayment.

I'm honestly not trying to wind you up, as you've obviously been bitten by a surcharge, but you've come on here and are letting off steam; I'm just not sure how else you think the system should work - I mean if people aren't penalised for sending in their returns late then there's no point in having a filing deadline, and then the whole thing goes to pot since there's no incentive to ever file/pay anything...?
 

I think the point in relation to proprietary company directors, is that the surcharge provisions are much more punitive than those that apply to all other taxpayers, including the companies themselves. This makes no sense and regrettably amounts in effect to a disincentive to file.
 
mandelbrot said:
Cheaper still to file the return on time and claim back your overpayment.
Click to expand...

If only he had a time machine.


I never said there shouldn't be a penalty, I just believe it should be reasonable.
 

Thank you, nicely put.
 

I totally agree with you there Tommy, and with selfassessed's post re: shareholders dividends - it's inherently unfair to attach a surcharge to a tax amount that the taxpayer never actually had in their hands.

It's a slightly different argument then about whether or not it's fair to surcharge preliminary tax that may have been handed over 12months before the filing deadline for the return.

I suppose it would be fairer if you were surcharged a % of the amount of tax that was outstanding at the date the return became late..?
 
You must log in or register to reply here.
Menu
Log in
Register