Capital Gains Tax return - ACA accountant needed

J

jasconius

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I acquired some shares in Feb 2000 and sold them last month.

I applied the Index factor of 1.193 to the cost, deducted this from the proceeds, deducted personal allowance of 1,270 and applied 20% CGT.

Ok so far.

On reading the revenue.ie site, I start to get confused........

Do I send in the cheque to Limerick (without the calculations ) on the CGT Payslip A form before October 31st 2005?

If so , why do I have to wait until October 31st 2006 to send in the CG1 Form which shows the calculations, and then presumably formally declare it on my Form 12 for the year 2006?

Seems odd to me, maybe I am mistaken
 
I assume you have your calculations correct so I'm not going to check them. Say it's €500

You have sold an asset in 2005. Because the asset was sold before the end of Sept, the €500 tax is due before the end of October 2005.

The return itself will not be due until the tax year has actually ended. So come January 2006 (no need to wait until October 06) you can make your CGT return for 2005. An assessment will issue showing a liability of €500 which has already been paid.

If you send in a form CG1 for 05 there would be no need to include it in your form 11/12 also. If you did you would effectively be returning the same information twice. So do one or the other.

End of story.

I'm not ACA so perhaps you should get a second opinon!
 
For someone who is not ACA, I would consider that an excellent answer, and makes sense - something that is missing on Revenue.ie

That is what you get for being an honest citizen!

ps I bet you are a secret ACMA.
 
If you're doing an income tax return then dont bother with the CG1 - the CG1 is just if you have nothing else to declare.
 
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