Another CGT Question - US resident

C

cfdlc

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I am resident in the United States since January 2008. I received a payout from shares in June 2007 (CGT has been paid) and was due to receive five more annual payouts from December 2008 onwards.

My question is that since I am no longer an Irish resident and no longer a tax payer in the country, can I still claim a personal exemption of €1270 before calculating how much tax I owe?

What is the penalty for late payment of CGT? I understand that I should have paid the tax on my December 2008 payout (which I didn't actually receive until mid January 2009 due to postal delay) by January 31 2009.

Thanks.
 
A non-resident individual is entitled to the personal exemption see part 17 of leaflet CGT1 www.revenue.ie/en/tax/cgt/leaflets/cgt1.pdf

penalties for late payment are mainly interest however this is not automatically charged and depends very much on the materiality of the amount and the degree of lateness.
 
Thanks so much for that information.

I have just one more question, since I am no longer an PAYE worker, does that mean I should submit Form 11 as my tax return for payment of the CGT? Or is it necessary for me to file a tax return at all since I don't work in Ireland anymore?
 
If Capital Gains are the only item to be declared you can do so on form CG1 .

www.revenue.ie/en/tax/cgt/forms/formcg1.pdf
 
You say you received payout from shares?
What type of shares?
Was this a share option scheme?

If so, you will need to get specialist advice on this, as it will depend on your residence position at date of grant and exercise of options.
 
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