Capital Gains Tax (CGT) Deadline 2015

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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 – 

• For disposals between 1 January 2015 and 30 November 2015, inclusive, the tax is due to be paid by 15 December 2015
• For disposals between 1 December 2015 and 31 December 2015, inclusive, the tax is due to be paid by 31 January 2016

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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• Capital Gains Tax (CGT)

• Tax Return 2014