When is CGT payable?

[Genasys]

I had an asset that was sold between Oct 1 2005 and 31 Dec 2005 for which I have a liability for CGT. I recently read that on the Revenue's 2005 tax return helpsheets that such CGT was payable to the Revenue by 31 Jan 2006 ( and any asset sold between 1 Jan 2005 and 30 Sept 2005, has to have the CGt paid over by 31st Oct 2005 ). However, my accountant says no, that such monies do not have to be paid over until the 2005 tax return is filled in. Who is correct? Have I interpreted the revenue helpsheets incorrectly?

 

[jfitzer]

What you read is correct, your accountant is wrong.

 

[Tenacious]

The tax year for CGT is split into two periods. 'Initial' period and 'later' period. The initial period refers to disposals from 1st January to 30th September. If a disposal occurs during this time you must make a CGT payment by the 31st October following this period. You must make the CGT Return on 31st October the following year.
The 'later' period refers to disposals from 1st October to 31st December. If a disposal is made during this time the CGT payment is due on the 31st January and the Return due on 31st October of that year.

Your accountant is wrong. As your disposal took place in the later period the tax payment was due last 31st January. You must file your CGT return along with you Form 11 by this 31st October. If you file your Form 11 online you have until the 16th November to make the Return.