Late CGT return

G

GreatDane

Registered User
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681
Hi

To submit a late CGT return, in respect of shares sold at a profit above the €1,270 threshold for last year, any idea what form needs to be used & how to calculate the late interest / penalty etc pls ?

Cheers

G>
ps - It's not for me, it's for a friend ;) :D
 
OK - I wasn't able to come up with anything on the Revenue website that clarified what the interest/penalties that might apply would be. If I was in the position of making a late declaration/payment I would first of all file it as it should have been in the first place and then maybe add a note explaining why (even if this was not an acceptable excuse) and acknowledging the fact that I might be expecting interest and/or penalties to apply. Then I would leave it to Revenue to come back with details of these if applicable.
 
I'd say the Revenue are more interested in getting the tax due then chasing somebody (who's owed up) for penalties.
 
A 10% late filing surcharge is pretty much automatic but can be waived in a limited set of circumstances at the discretion of the Revenue.

Interest is not normally pursued.

If the default was discovered in the course of a Revenue Audit, or if there was evidence of evasion or intention to mislead, then all bets are off and a substantial penalty would be applied.
 
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