Paying CGT...when?

T

tosullivan

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I just sold an investment property and I know I am liable for CGT to be paid by 31st October. Do I declare it in the same online form when I'm doing my personal tax returns or is it calculated seperately?

I am joint assessed on ROS and I am eligible also for the joint personal allowance for the purpose of my CGT calculation.
 
tosullivan said:
I just sold an investment property and I know I am liable for CGT to be paid by 31st October. Do I declare it in the same online form when I'm doing my personal tax returns or is it calculated seperately?

I am joint assessed on ROS and I am eligible also for the joint personal allowance for the purpose of my CGT calculation.
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You can pay it when making your 2006 personal tax return. You will also have to complete a 2007 CGT Return by 31 Oct 2008.
 
tosullivan said:
any reason why?
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You're only paying the tax this October. You still have to submit a Return. As the asset was sold in 2007, the deadline for submitting the Return is 31/10/08

Same as Income Tax. You can't just send a cheque off to Revenue. They will want to see a Return to back up your figures.
 
So this october, do I fill in the CGT section in my tax return or do I wait until next year? How will I know how much I have to pay?

(I have spoken with my accountact and I have the figure already worked out)
 
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