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Capital Gains Tax Envelope

Capital Gains Tax - December Deadline and Other Key Dates for Individuals

Dec 5, 2014
Even though the Income Tax Return deadline for 2014 has just passed, there are still a number of key deadlines which individuals will need to be aware of.  One such date is 15th December 2014, which is the payment date for Capital Gains Tax (CGT) on assets disposed between 1st January 2014 and 30th November 2014. To assist you in understanding the relevant filing deadlines we have outlined below the key dates which you should be aware of.  

 Capital Gains Tax

In 2009 the Revenue Commissioners revised the payment periods for Capital Gains Tax to the following dates:

Capital Gains Tax – Payment Dates

 
Assets Disposed Between Payment Deadline
1st January 2014 – 30th November 2014 15th December 2014
1st December 2014 – 31st December 2014 31st January 2015
 

Capital Gains Tax - Return of details of disposal

 
Assets Disposed Between Details to be included in Date Due
 1st January 2014 – 30th November 2014 Income Tax Return for the year ended 31st December 2014 31st  October 2015
1st December 2014 – 31st December 2014 Income Tax Return for the year ended 31st December 2014 31st October 2015
If however, you are not required to complete an Income Tax Return you should then return the details of the disposal through a Form CG1.  It must be noted that details of the disposal are required to be made even if a capital loss was incurred. If you have disposed of an asset between 1st January 2014 and 30th November 2014 and would like assistance in calculating your tax liability arising, please do not hesitate to contact a member of our team.  

Local Property Tax

The Revenue Commissioners have recently written to individuals requesting them to confirm the method by which they are choosing to pay Local Property Tax for 2015. The following are the various payment options available, along with the relevant dates by which you are required to make your choice:  
Payment Method Payment Notification Deadline Date Payment taken
Direct Debit 25th November 2014 Monthly from 15th Jan 2015 to 15th Dec 2015
Deduction from Salary 25th November 2014 Deducted from salary over the course of 2015
Single Payment 7th January 2015 Date on which you complete the transaction
Single Debit Authority 7th January 2015 21st March 2015 or earlier date, if specified by the tax payer
  While the dates for payment by direct debit and deduction from salary have passed, you may still avail of these options for 2015, but it would be advisable to contact the Local Property Tax Section of the Revenue Commissioners as soon as possible to ensure there is enough time to have your preference in place before the start of the new year. If however you paid your LPT through Direct Debit or Deduction from Salary in the prior year, and you wish to continue this method for 2015, no action is required to be taken.  

Income Tax

While there have been suggestions that the Income Tax deadline was to be brought forward, the Minister for Finance has just announced that such a change will not occur for 2015 and that no change is expected in the life of the current Government.  On that basis, the following are the current Income Tax filing deadlines for 2015:
Return Date Due
Submission of Income Tax Return for the year ended 31st December 2014 31st October 2015
Payment of balance of 2014 Income Tax Liability 31st October 2015
Payment of Preliminary Income Tax for the year ended 31st December 2015 31st October 2015
While there should be an extension provided for those who both pay and file their Income Tax Return electronically through the Revenue Online System (ROS) the dates for 2015 have not yet been announced by the Revenue Commissioners.  For 2014 the electronic filing deadline was 13th November 2014, however as the electronic filing deadline has been getting closer to the 31st October each year, we can expect that the date for 2015 will be earlier again.   With many taxes now falling under the “Self Assessment” scheme, it is important for the tax payer to be aware of the various deadlines and payments dates applicable.  If such deadlines are missed or returns are filed incorrectly, the Revenue Commissioners may apply an interest charge on the liability due. If you have any queries in relation to the above or require any assistance in calculating any possible liabilities that may arise, please do not hesitate to contact a member of our team.   Images: Shutterstock
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