The dates you pay and file Capital Gains Tax (“CGT”) are based on the date you sold, gifted or transferred (i.e., “disposed of”) an asset. Payment of CGT is due before the actual return is filed. There are two dates and periods that are relevant for the payment of CGT liabilities. The first period relates to disposals of assets (including land, shares in companies, property, foreign currency etc.) in the period 1 January 2023 – 30 November 2023 i.e. the “initial period”. If a gain arises in this initial period, the CGT on this asset disposal is due for payment by 15 December 2023.
If a disposal of an asset occurs in the period 1 December – 31 December 2023, i.e. the “later period”, the CGT is due for payment by 31 January 2024.
The CGT return must be filed by 31 October in the year after the date of disposal. For disposals of assets in 2023, a CGT return must be filed by 31 October 2024. A return should be filed even if no tax is due in order to claim potential reliefs or allowable losses, which can be used against future capital gains.
When calculating the CGT due it is important to ensure that the gain is calculated correctly. Failure to make a payment by the due dates outlined above or an underpayment of CGT may result in interest being imposed on the underpayment amount of the CGT.
Payments can be made via Revenue’s Online Service (“ROS”) or on myAccount (for PAYE employees only) if you are registered for CGT. If you are not registered for CGT, then you must register for CGT and then make the payment via ROS or myAccount.
If you have any queries on the above or would like to know more, please do not hesitate to contact us to discuss.
