Help! CGT mistake...

T

thomas1234

Registered User
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27
hi,

i made a capital gain of about 3000 in october 2007.

i was filling out the forms, noticed it said that the return was due by october 2008, so i put all this on the back burner....

i've a baby on the way, so i put it all in a drawer till today...

i noticed that the tax is payable by end jan 2008!!!! i posted off the cheque today, but am i likely to have to pay interest/penalty?

it's my mistake, i'm not denying it, but what's likely to happen now?
 
You've paid the CGT prelim figure. [ presumably calculated from the gain, less (indexed)cost, less pers exemption etc.] so any interest will stop running from now anyway. Your exposure to interest would be from the due date 31/01/08 to receipt of the payment by Revenue. The tax/cgt return for 2007 is due by 31/10/08 and once filed an assessment will issue. Revenue may pursue interest at a future date and if they do you will have to stump up. However interest demands are at best arbitrary and if the amount is not very material then you may hear nothing further.
 
Graham_07 said:
You've paid the CGT prelim figure. [ presumably calculated from the gain, less (indexed)cost, less pers exemption etc.] so any interest will stop running from now anyway. Your exposure to interest would be from the due date 31/01/08 to receipt of the payment by Revenue. The tax/cgt return for 2007 is due by 31/10/08 and once filed an assessment will issue. Revenue may pursue interest at a future date and if they do you will have to stump up. However interest demands are at best arbitrary and if the amount is not very material then you may hear nothing further.
Click to expand...

thanks for that... tax was only about 600 euro, so 4 months interest would be little enough!
 
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