Its important to note that the 2014 Tax Return Form 11 must also include details of any gains or losses arising on the disposal of assets which occurred from 1 January 2014 and 31 December 2014. A disposal means a transfer of ownership in an asset whether by means of sale, gift, exchange or otherwise and includes a part disposal of an asset. The gain or loss is taxable under the Capital Gains Tax (CGT) legislation.
Capital Gains Tax is a self- assessment tax. Regardless of whether you are registered for tax purposes, you must calculate and pay your tax and file a return of gains and losses without being requested to do so by Revenue. If you are not filing a Form 11 Income Tax Return, the relevant form for CGT is a CG1.
There are different dates for filing the return and making a payment of the tax due. The 2014 return is due to be filed on or before the 31st October 2015, however the payment of the tax is as follows –
Contact Roisin McDaid for further details. Contact OSK today on 01 439 4200 to get your 2013 tax return submitted before the tax deadline!
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