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 2022 – 30 November 2022 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 2022.
If a disposal of an asset occurs in the period 1 December – 31 December, i.e. the “later period”, the CGT is due for payment by 31 January 2023.
The CGT return must be filed by 31 October in the year after the date of disposal. So for disposals of assets in 2022, a CGT return must be filed by 31 October 2023. A return should be filed even if no tax is due because of potential reliefs or allowable losses.
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.
