Four members of a family involved in selling inheritance land.Capitail gains to pay. Can we just return one form with all our tax no,s and one cheque?This is not a major financial gain. Do we need receipts for work carried out on land such as drainagea few years ago[Approx about €3000]
capital gains
- Thread starter gilh
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I think that you need to file individual returns and payments. You don't need to submit receipts for expenses incurred but may need to vouch for them if requested. Is the gain €3,000 per person or split (equally?) four ways? If it's the former then each individual may have a CGT liability while if it's the latter then presumably no liability arises even though you may still need to file a return.
ubiquitous
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I think the €3k refers to the cost of the drainage?
If the capital gain is in any way sizeable, get professional CGT advice. Unless there is something unusually complicated, the advice shouldn't cost you any more than a couple of hundred euro each. If there are complications involved, you will need professional advice anyway.
If the capital gain is in any way sizeable, get professional CGT advice. Unless there is something unusually complicated, the advice shouldn't cost you any more than a couple of hundred euro each. If there are complications involved, you will need professional advice anyway.
Is the gross gain €2,000 each or is that after deduction of each indivdual's annual CGT allowance of €1,270 (which would mean that each person owed c. €730 @ 20% = €146)?
If all comes to all then I guess returning for everybody would be better than nothing but I still reckon that each individual with liabilities is expected to file his/her own return. If it was me and I could not get everybody to file I would either (a) file my own and leave the others to their own devices since this is their own responsibility or (b) only if the others agreed, write a letter to Revenue explaining the situation and maybe including a joint return. However I personally would be reluctant to get involved in the financial affairs of others even if they were family. Once bitten ...
If all comes to all then I guess returning for everybody would be better than nothing but I still reckon that each individual with liabilities is expected to file his/her own return. If it was me and I could not get everybody to file I would either (a) file my own and leave the others to their own devices since this is their own responsibility or (b) only if the others agreed, write a letter to Revenue explaining the situation and maybe including a joint return. However I personally would be reluctant to get involved in the financial affairs of others even if they were family. Once bitten ...
ubiquitous
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There is no such thing as a "joint return". If you send in a return to Revenue reflecting more than one PPS number (except of course for jointly assessed married couples) it will be returned to you as invalid.