What’s Included?

Capital Gains Tax

Capital Gains Tax

The Capital Gains Tax (CGT) is a tax that is charged on the profit of disposing of an asset, for example currency, property or shares.

When calculating your Capital Gains liability you would deduct the cost of purchasing, acquiring and disposing of the assets as well as costs you had increasing the value of the asset.

You file your CGT return on the 31st of October in the year after the disposal has taken place, for example if you sell a property in October 2018 you need to file the CTG return by 31st October 2019. This can be done by filing a Form 12, a Form 11, a form 1, a form CG1 or a Form CT1 depending on your situation.

You must pay CTG by 15th of December for disposals made between January and November the same year. If the disposal is made in December you must pay it by 31st January of the next year. The date of disposal will usually be the date of the contract if the disposal is made under a written contract.

If you are a Director this also needs to be noted on your Directors Return.

If you think you may need to file a Capital Gains Tax Return, contact us for advice on whether you need to file it and a proposal for taking care of the filing for you.

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Description

Capital Gains Tax

The Capital Gains Tax (CGT) is a tax that is charged on the profit of disposing of an asset, for example currency, property or shares.

When calculating your Capital Gains liability you would deduct the cost of purchasing, acquiring and disposing of the assets as well as costs you had increasing the value of the asset.

You file your CGT return on the 31st of October in the year after the disposal has taken place, for example if you sell a property in October 2018 you need to file the CTG return by 31st October 2019. This can be done by filing a Form 12, a Form 11, a form 1, a form CG1 or a Form CT1 depending on your situation.

You must pay CTG by 15th of December for disposals made between January and November the same year. If the disposal is made in December you must pay it by 31st January of the next year. The date of disposal will usually be the date of the contract if the disposal is made under a written contract.

If you are a Director this also needs to be noted on your Directors Return.

If you think you may need to file a Capital Gains Tax Return, contact us for advice on whether you need to file it and a proposal for taking care of the filing for you.