A. Capital Gains Tax (CGT) will need to be calculated and paid on any gain that you may have made and you will also need to notify Revenue on a tax return of the details of the sale.
Firstly, in respect of the payment, for disposals made between 1 January 2017 and 30 November 2018 you must pay CGT by 15 December 2018.
For disposals made between 1 December 2018 and 31 December 2018 you must pay CGT by 31 January 2019.
Payments can be made using ROS, Revenues Online Service.
You also have an obligation to file a return outlining the details of the sale of the investment property and the calculation of the gain. You should file a CGT return by 31 October 2019 for any gains made in 2018. You must do this even if no tax is due because of reliefs or losses.
There are a couple of different CGT return forms:
- Form CG1 – if you do not usually submit annual tax returns
- Form 11 – if you are self-employed, or have income that is not taxed under PAYE
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