Paul O Mahoney
Registered User
- Messages
- 1,844
So if I submit the CGT in November before pay and file date they will offset? Or do I indicate that on the CGT submission.Yes - you only have one account witht Revenue so you can offset the CGT with the overpayment.
However, once the Pay & File date has passed, you will probably that Revenue will send you a cheque or reimburse you via a bank transfer
Thanks I'll give a whirl and see what happens can't see them being to harsh afterall I'm paying early....now theres something I never thought I'd say.The CGT submission and payment are two different transactions - even if they are linked using the file and pay option.
The CGT File date is 31 Oct 2022 for all gains made in 2021 - the pay date is 31 Dec for tax due on gains made in Jan-Nov 2021 and 31 Jan 2022 for tax on gains made in dec 2021
I don't know what will happen if you attempt to pay the CGT before Dec 31 - nothing much so if you sure that the CGT is already known, then go ahead as soon as you get notification of the due amount
In our case both properties are in joint names mortgages for each are exactly the same and the rental amounts of €1400 per month for each property.Can I ask if you had one property on your name and another in your wife's name, both rented out. I return the income from my house on my side of the tax form and my wife's house income under her name.
At what point would it make sense or be beneficial to not have the rental income split as above? Or does it?
I'm really not knowledgeable enough to say anything to be honest, it was RedOnion here that mentioned it to me, I asked our solicitor and an accountant. In our case it definitely lessens the tax liability .If beneficial tax wise, could look at making us joint owners of each property and/or moving ownership of both to my wife.
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