Selling property and meeting your obligations

Q: I sold my investment property in December and realised a substantial profit, what are my obligations if any?

16th January 2015

A: You are obliged to pay capital gains tax (CGT) on the profit realised when selling the property. If you disposed of the property between the 1st and 31st of December 2014, you will need to make a preliminary CGT payment by 31st January 2015. It’s important that you contact your accountant as soon as possible, so that they can calculate the correct liability. You will also be required to return the details of this disposal when filing your 2014 income tax return in 2015. At this point if you have not made the correct preliminary payment, revenue may apply a surcharge and interest to the underpayment.

Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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1890 98 76 09

Or submit an enquiry