When is the CGT deadline?

What is Capital Gains Tax (CGT)?

Capital Gains Tax is a tax that needs to be paid in respect of profits made from selling, transferring or otherwise disposing of assets.

Some common assets that people sell, that are subject to CGT, include shares and stocks, bonds, property or precious metals. 

 

When does Capital Gains Tax (CGT) need to be paid?

If assets are sold on or before 30 November any CGT is due by 15 December in the same tax year, while if assets are sold during the month of December any CGT payment is due by 31 January in the following year.

For example, if you disposed of an asset between January and November 2023 you must pay any Capital Gains Tax due to Revenue before 15 December 2023. If you dispose of an asset in December 2023, any Capital Gains Tax will be due by 31 January 2024.

It is your responsibility to calculate what CGT is due, file the appropriate returns and pay the bill on time. The return file for CGT is called a CG1 form. 

It is also important to note that while you pay the CGT in the year the assets are sold, you also need to file an income tax return by 31 October of the following year. So, if you sold an asset in 2023 you need to file a Form 11 tax return in 2024.

 

How do I pay Capital Gains Tax (CGT)?

Once you are registered for CGT can pay the tax you owe online through ROS or myAccount with a debit or credit card.

 

How much CGT will I pay?

The rate of Capital Gains Tax in Ireland is currently 33%, so approximately one third of your gain will be paid in tax. For more complicated Capital Gains Tax transactions you may benefit from tax planning where you seek professional help to explore the tax planning opportunities available to you. There are many reliefs and exemptions available which may lead to significant tax savings.

 

We can help with CGT returns

If you need assistance filing your CGT return in Ireland you can call us on 01 518 0535 or submit an enquiry online to book your free initial consultation. 

 

Date published 8 Nov 2023 | Last updated 12 Dec 2023

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.