What are my tax obligations in relation to an investment property sale?

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

Date published 17 Dec 2018

This article is intended to inform rather than advise and is based on legislation and practice at the time. 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 article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.