Revenue Form CG1 or IT38

[Hopefull]

I am confused! Which of these forms, CG1 or IT38 is the correct one for a beneficiary to use following sale of property when submitting details to claim tax threshold credits. Also, what proof do the Revenue require to show that the claim is genuine?

 

[Protocol]

"submitting details to claim tax threshold credits" - this does not make sense.

CG1 is a form related to Capital Gains Tax.

IT38 is to do with CAT.

 

[jpd]

Capital gains/losses are reported using Form 11 or Form 12
Payment of Capital Gains Tax is reported using CG1
Gift/Inheritance taxes are reported using IT38

 

[T McGibney]

Payment of Capital Gains Tax is reported using CG1

Technically, CGT liability (not payment) is reported using CG1.

There is a different process for CGT payments.

 

[fistophobia]

I had a situation where both return forms were required.
Inheritance and sale of said property.
3 different administrations and probates.. took 3 years to complete.
It was highly complex.. I had to employ a tax specialist.
Instead of a liability of 130k ,it was reduced to 80k.