Capital Gains, October 31 Deadline and EUR1270 allowance

[pokerhead]

Hello all,

Would appreciate advice on following regarding capital gains tax.

I have made approx EUR3000 profit on shares since Jan 1 of this year.

I intend to make capital gains tax submission to revenue by Oct 31.

My question is:

Should i pay EUR600 tax (600 = 3000 x 0.2) or EUR346 [346 = (3000 - 1270) x 0.2].

I suppose the question im asking is is can i claim the allowance now or do i need to wait until later.

Thanks,
P.

 

[CCOVICH]

Claim the allowance now.

 

[pokerhead]

Thanks CCOVICH,


One more question.

Am i right in saying that at this point I just calclate my liability and submit payment and that this time nexy year i will need to submit details on gains i.e i just tell revenue i have a EUR 600 liability for this year with no further details and provide details, reciepts etc this time next year.

Thanks,
Pat.

 

[CCOVICH]

No problem.

Have you looked at http://www.revenue.ie/leaflets/cgt1.pdf

This should tell you all you need to know about filing of returns and payment etc.

 

[Joe1234]

Correct pokerhead. If you made the gain between Jan and Sept 2005 then you must only make the payment by Oct 31st. By Oct 31st 2006 you must file your 2005 tax return and show the computation then.