Capital Gains Tax (CGT) on the sale, gift or exchange of an asset
When and how do you pay and file CGT?
The dates you pay and file CGT are based on the date you sold, gifted or transferred an asset.
Your payment for CGT is due before you file your return. For example, if you dispose of an asset between 1 January and 30 November, payment is due by 15 December. Your return will be due by 31 October of the next year.
A late payment will incur an interest charge. A late return will incur a penalty.
When to pay your CGT
For disposals made between:
- 1 January and 30 November (the initial period), you must pay CGT by 15 December of the same year.
- 1 December and 31 December (the later period), you must pay CGT by 31 January of the next year.
For disposals made under a written contract, the time of disposal is usually the date of the contract.
How to pay CGT
If you are:
- registered for CGT, you must pay your CGT online using Revenue Online Service (ROS) or myAccount
- not registered for CGT, you must register for CGT and then make a payment using ROS or myAccount
- exempt from mandatory efiling you can either:
Registering for CGT
If you have a tax registration number, send a request to be registered for CGT through MyEnquiries to your regional registration office.
If you have never been registered for tax you will need to complete a:
- Form TR1 if you are an individual
- Form TR2 for a company
- Form TR1 (FT) if you are a non-resident individual
- Form TR2 (FT) for a non-resident company.
When to file your CGT return
You must file by 31 October in the year after the date of disposal. You must do this even if no tax is due because of reliefs or allowable losses.
How to file your CGT return
There are several different CGT returns:
- Form CG1 – if you do not usually submit annual tax returns or use the online Form 12
- Income Tax Return (Form 12 (paper version) – if you are a Pay As You Earn (PAYE) taxpayer who must submit a tax return
- Income Tax Return (Form 11) – if you are self-employed (or have income that is not taxed under PAYE)
- Form 1 – if you are a trust or an estate
- Form CT1 – for a company.
Use ROS to file your Income Tax Return (Form 11), Form 1 or Form CT1. You can post the Form CG1 or Income Tax Return (Form 12) to your Revenue Office.
Information to include on your CGT return
When you complete your CGT return you will need to include:
- a description of asset or assets you disposed of
- the amount you received for the asset or assets
- any reliefs you have claimed
- any unused losses from a prior year that are to be offset
- the chargeable gain (or loss)
- your taxable gain and CGT rate
- the amount of CGT paid (which is paid to the Collector General in advance of the return).
Next: How to calculate CGT